With amended Act, AMCON can recover N5.4trn debt – Kuru

Asset Management Corporation of Nigeria (AMCON)

Having secured the signing of the Assets Management Corporation of Nigeria (AMCON) Amendment Act 2019 into law by President Muhammadu Buhari, the Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, has turned attention to sister agencies in a bid to recover the over N5.4 trillion outstanding debts in the hands of a few Nigerians.

Aside from collaborating with the likes of the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU), Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), as well as the Ministry of Justice, Kuru has continued to extend hand of fellowship to the judiciary who he said must strongly support AMCON to achieve the recovery expectations of the Federal Government.

The AMCON chief executive who led a delegation of AMCON officials on a strategic visit to Nigeria’s Court of Appeal recently where they met with the President of the court, Hon. Justice Zainab Bulkachuwa (CFR), told the justices that the new act had expanded the definition of the obligations of AMCON to include the directors, meaning that AMCON would more than ever before need the support of the judiciary, especially the Federal High Court, if it stands the chance of recovering the over N5.4tn owed it by obligors.

In a statement, Kuru said the act had granted permission to place bank accounts of debtors or the likes under surveillance by ex-parte order of the Federal High Court; access debtors’ computer systems for the purpose of locating debtors’ funds by ex-parte order of the Federal High Court; permit AMCON the right to obtain access to debtors’ banking, financial and commercial information and Bank Verification Number (BVN) from banks by ex-parte order of the Federal High Court, as well as impose an obligation on the Federal Government and Ministries Departments and Agencies (MDAs) to seek AMCON’s clearance before contracting with or making payments to recalcitrant debtors on AMCON’s debtor list.


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Justice Bulkachuwa who praised the management of AMCON for working very hard to get the act amended, said it would go a long way to helping the corporation in its recovery drive.

She said it had always been the priority of the Court of Appeal to adjudicate justice as fast as possible, adding that the court would continue to do its best to see how it could fast track its processes, including AMCON-related cases.

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