Categories: Business

N4.5tr debt: Senate to block AMCON debtors seeking elective offices

Kaduna State Governor, Uba Sani

Though time awaits politicians indebted to the Asset Management Corporation of Nigeria (AMCON).

The Senate plans to use the instrumentality of the law to frustrate such debtor’s political ambitions in the 2023 elections, the Senate Committee on Banking, Insurance and other Financial Institutions hinted yesterday.

AMCON debtors owe over N4.5 trillion.

The Committee Chairman, Senator Uba Sani, who was addressing his colleagues, AMCON management and top official, said the Senate would do whatever it takes to frustrate such obligors through the instrumentality of the law.

He described as unfortunate that some AMCON debtors have the audacity to face Nigerians to seek positions in public office in the forthcoming 2023 general elections, after their failure to meet basic financial commitment.

He said some of the debtors are also busy displaying their wealth with audacity believing that it will take long before anybody can touch them.

AMCON debtors cut across oil and gas, manufacturing, insurance, among others with small loans

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There are 10,046 owing the Corporation from N100 million and below; 1,998 medium debtors owe from N100 million and N1 billion; those in the large loans bracket (between N1 billion and N10 billion) are 431 debtors and 62 debtors owing strategic loans of N10 billion and above.

AMCON’s Managing Director Ahmed Kuru tabled the challenges being experienced by the corporation before the Red Chamber.

The committee chairman urged the corporation to take advantage of the special powers granted to it under the Amended Act to fast-track all pending cases.

He emphasised that the provisions of the AMCON Act are sufficient to support its activities once their cases are put on the fast track as envisaged by the law.

Acknowledging the tremendous support the agency had enjoyed from the judiciary and legislature, Sani said: “Distinguished Senators, to enable AMCON succeed in its national call to duty, the support which is required is now, more than ever, key to our success and the quick closure of our mandate in the National interest.”

Continuing, Sani promised that the Legislature would work hand in hand with the Judiciary by ensuring full compliance to the AMCON Act.

He said it was frustrating to the Senate as well as the Federal Government that some of these obligors still fly around in private jets and even approach both the Federal Government and other agencies of the government for business.

A report released yesterday by AMCON quoted Sani saying “this sort of impunity must stop in the interest of the country. The Senate would continue to work with both the Management of AMCON and the Judiciary to ensure that it leaves a legacy that would enable agencies of the Federal Government to deliver on their mandates without hitches that negatively affect the already challenged economy.”

The senator appealed to the Judiciary to comply fully with the provisions of the AMCON Act, which has been crafted to effectively deal with these recalcitrant obligors within a reasonable time.

The Nation