The Asset Management Corporation of Nigeria, AMCON, has called on the judiciary to join hands with it to recover the over N5trillion debt owed by some Nigerians.
Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru made the call recently when he led a delegation of AMCON officials on a strategic visit to Nigeria’s Court of Appeal.
Discussing with the President of Court, Justice Zainab Bulkachuwa CFR, and other Justices of the Court, Kuru noted that the Asset Management Corporation of Nigeria (AMCON) (Amendment) Act 2019 recently signed into law by President Muhammadu Buhari has expanded the definition of the obligors of AMCON to include the directors.
This, he said meant that “AMCON would more than ever before need the support of the judiciary especially the Federal High Court, which is AMCON’s court of first instance and most importantly, the Court of Appeal if the Corporation stands the chance of recovering the over N5.4trillion owed it by obligors before the sunset.”
Highlighting aspects of the amended Act to the Justices, the AMCON boss noted that the amendment has further empowered AMCON to the extent that unlike what obtained before, in the case of an appeal against the final judgement, the appellant or obligor must now deposit the judgement sum in an interest-yielding account of the court while in the case of interlocutory appeal, the appellant or obligor will also have to deposit the total sum claimed by AMCON in an interest yielding account of the court.
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He said the act has also granted permission to place bank account of debtors or the like under surveillance by ex-parte order of the Federal High Court; access debtor’s computer systems for the purpose of locating debtor’s funds by ex-parte order of the Federal High Court; permits 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 Federal Ministries departments and Agencies (MDSs) to seek AMCON clearance before contracting with or making payments to recalcitrant debtors on AMCON debtor list.
A statement by Mr. Jude Nwauzor, the Corporation’s spokesman said Kuru also hinted that AMCON is now empowered to demand from selling Eligible Financial Institutions (EFIs), their directors or officers, delivery of information, books, accounts, records and documents in relation to acquired Eligible Bank Assets (EBAs) as well as impose fines for failure on compliance.
“In the same breadth, the amended act, subject to Land Use Act and Section 36 expressly vests legal title to acquired EBAs and in collateral (tangible and intangible) securing such acquired EBA, and vesting power of sale, possession, management, etc., in AMCON to exclusion of all other creditors notwithstanding that only equitable security exists in such collateral, just to mention a few,” he said.
Kuru stressed that failure to recover the lingering debt of over N5.4trillion owed AMCON will have huge negative effect on the economic development plan of the federal government.
In her remarks, Justice Bulkachuwa praised the management of AMCON for working very hard to get the Act amended saying it will 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 Appeal Court will continue to do its best to see how it can fast track the processes of the court including AMCON related cases.
