Finance Minister Tasks AMCON, Govt Agencies on N5trn Debt – TheNigerialawyer

Minister of Finance, Budget and National Planning, Mrs. Zainab
Ahmed, has charged the Asset Management Corporation of Nigeria
(AMCON) led by Mr. Ahmed Kuru, to do everything within the powers
conferred on it in the newly amended Act to ensure the recovery of
the N5trillion debt owed the Corporation by a few recalcitrant
individuals and organisations in the country.

The minister’s directive came as more agencies of the federal
government indicated willingness to collaborate with AMCON in its
quest to recover the huge debts.

Speaking in Abuja at the weekend during the quarterly briefing
of the Ministry of Finance, the minister, who commended AMCON on
the national assignment, said a lot more was expected from the
Corporation with the signing of the amended 2019 AMCON Act into law
by President Muhammadu Buhari.

The law gives additional powers to AMCON to deal with the
obligors.

“AMCON must ensure that the debts are recovered before the
sunset, which is around the corner. If at sunset AMCON fails to
recover the huge bad loans, the debt will become government
problem, which the government is not willing to carry. Therefore,
everything must be done to ensure that AMCON recovers the debt from
the obligors because it will have a huge positive impact on the
economy,” a statement from AMCON quoted the minister to have
said.

While urging all the agencies under the ministry’s supervision
to always remember the 11 priority areas of the Buhari’s
administration in the discharge of their duties, the minister said
that the quarterly meeting had become critical because it creates
the enabling platform for sister agencies of government to
cross-fertilise ideas for improved collaboration and delivery.

Earlier, the Director-General, Bureau of Public Procurement
(BPP), Mr. Mamman Ahmadu, had declared the agency’s willingness to
collaborate with AMCON in the quest to recover the debt, which he
said would help liberate the economy as well as improve the
commonwealth of the nation.

The BPP boss said that the bureau had intensified its due
diligence process and would ensure that those to be awarded
contract from the government were scrutinised to establish that
they were not among the obligors.

Similarly, the Chairman of Independent Corrupt Practices and
Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye,
who also chairs the Inter-Agency Presidential Committee set up by
the Vice President to recover AMCON debt, has added his voice in
rallying sister agencies of government to ensure that they tighten
the noose on AMCON obligors, which he said will pressure them to
repay the debt before sunset.

According to him, the Inter-Agency Presidential Committee, which
includes the Economic and Financial Crimes Commission (EFCC); the
Nigeria Financial Intelligence Unit (NFIU); Nigeria Deposit
Insurance Corporation (NDIC); Central Bank of Nigeria (CBN);
Ministry of Justice; ICPC and AMCON have concluded plans to expand
the dragnet of the debtors by looking at those who facilitated the
loans on the side of the banks and those who benefited from the
proceeds.

An Executive Director at AMCON, Dr. Eberechukwu Uneze, who
represented the AMCON boss at the quarterly meeting, reassured the
minister of the commitment of the management and staff of AMCON to
deliver on the mandate in line with the expectations of the federal
government.

He also said the Corporation has made remarkable progress
working with the Inter-Agency Committee set up by the Presidency to
enable AMCON recover the over N5trillion debt burden, just as AMCON
is in partnership with over 228 Asset Management Partners (AMPs) to
hasten recovery activities.