AMCON has disclosed that 20 Debtors Owe N4 Trillion & They have Refused to Pay

Asset Management Corporation of Nigeria (AMCON) has disclosed that the top 20 debtors who owe over 67% of the N5tn debt to AMCON have the financial capacity to pay but have intentionally refused to clear their debts.

According to the corporation, the debtors believe that the funds in their possession are part of their “national cake”.

The firm also said that it was working hard to get court approvals to take over some of the assets of the defaulters.

Jude Nwauzor, head of Corporate Affairs, AMCON, said that the organisation had established that the major debtors do not want to pay.

He said, “These 20 persons owe almost N4tn. We have several thousand accounts in our records and just like when you do your scale of preference, when we arrange it, there are top 20, 50, 100, and it moves on in that order.

“So what the chairman of AMCON talked about was that if we are able to resolve these 20, we would have done over 60% of the total obligation, which is N5 Trillion.

“We can only imagine what N5tn can do to a country where the government is borrowing to fund the budget.

On why the corporation had not fully gone public to announce the debtors,

He said, “We are not just trying to identify these people; they are people we know and on several occasions, our chairman had at one point or the other mentioned  their names.

“Most of these obligors are also in court with us, which is why you can’t just go out to reel out names, especially when you have a case that is before a court of competent jurisdiction.

“So, it is not that we are trying to shield the names, we know them but we need to be careful how we mention them, especially when they are undergoing hearings from the court.”