“Debt Is a Threat to Economy”: AMCON Pursues 350 Debtors Owing N3.96 Trillion

• Asset Management Corporation of Nigeria (AMCON) has recovered N1.6 trillion in over a decade of its existence
• The corporation’s managing director, Lawan Kuru, said it has 350 more debtors to go after
• Kuru also noted that the recovered funds are paid directly into the Central Bank of Nigeria's account

In the first 10 years of operation, the Asset Management Corporation of Nigeria (AMCON) recovered N1.6 trillion from problematic debtors, leaving the corporation with an outstanding debt of N3.96 trillion to pursue.

This is according to a statement released Tuesday and signed by Jude Nwauzor, head of the Corporate Communications Department of AMCON.

Legit.ng earlier reported that AMCON recovered N307 billion in debts between 2020 and 2021.

Recovered funds paid to the CBN

Lawan Kuru, the managing director of AMCON, according to the statement, said the corporation has so far recovered about N1.6 trillion out of a total of N4.66 trillion in more than 10 years of its existence, Punch reported.

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Hence, a little over 350 debtors represent N3.96 trillion, or more than 84% of the unpaid amount.

He stated:

Our debt is in the balance sheet of the Central Bank of Nigeria and, therefore a threat to the economy. After recovery and disposal, funds are paid directly into our CBN account. Recovery and disposal of assets have so far contributed about N1.6tn towards settling our obligation.

More transactions, more legal issues

The statement further stated that Justice John Tsoho, the Chief Judge of the Federal High Court, is currently in London, United Kingdom, along with other Federal High Court judges from Nigeria, to participate in the annual training for this group of elite judicial officials, which was opened on Monday by Sarafa Isola, the High Commissioner for Nigeria in the United Kingdom.

An effective legal system, according to Tsoho, is the cornerstone of any civilised society. Thus, he asserted that there is a need to be armed with the requisite aptitudes for efficient macro and microeconomic adjudication in the internet age.

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Under-probe CBN pumps N2.60 trillion into circulation, up by 88% in 6 months

Tsoho noted that increased online transactions and their associated economic value would result in various legal problems. As a result, he said the court needs to be ready for this emerging technology.

Nigeria’s debt stock hits N82 trillion amid CBN's naira devaluation

Nigeria’s public debt has risen to N82 trillion from N77 trillion before the Central Bank of Nigeria (CBN) exchange rate unification, announced on Wednesday, June 14, 2023, Legit.ng reported.

According to a press release by the CBN, all exchange rate windows are collapsed into the Importers and Exporters (I&E).

Source: Legit.ng