SAN FRANCISCO, November 09, (THEWILL) – The Asset Management Corporation of Nigeria has said it owes the Central Bank of Nigeria more than N4tn which could rise to almost N7tn by 2024 at the current rate of inflation.
AMCON, established by the Federal Government in 2010 to buy bad debts from banks and ensure stability in the financial sector, made this known in a statement on Sunday.
“There is a dire need for all sister agencies of the Federal Government of Nigeria to join forces to ensure that the economic saboteurs who intend to cripple the banking sector before AMCON was set up are compelled to repay the humongous debt that is weighing down the Nigerian economy,” the corporation said.
The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, was quoted as saying that the corporation had many legal issues in different courts with its obligors as non-collection of the debts, currently in excess of N5tn, would have a negative effect on the national resources.
According to the statement, Kuru made this known as he spoke at a two-day Annual Seminar for Justices of the Courts of Appeal jointly organised by the National Judicial Institute and Legal Academy in Abuja over the weekend.
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On their part, the President of Court of Appeal, Justice Monica Dongban-Mensem and the Administrator of the National Judicial Institute, Justice R.P.I Bosimo, (retd.) called on the judiciary to realise the need for speed in dispensing cases involving the AMCON and its recalcitrant obligors but maintained that that justice must be dispensed within the ambit of the law.
