N5trn Debt: Lawmaker Urges AMCON To Go ‘Brutish’ With Obligors

The Chairman, House of Representatives Committee on Banking & Ancillary Institutions, Honourable Eze Nwachukwu Eze, has asked the Asset Management Corporation of Nigeria (AMCON) to go brutish with debtors and recover the debts owed, irrespective of the individual’s status in the society.

He gave the directive in Enugu over the weekend during a retreat where he also renewed the campaign for all agencies of the Federal Government to join the debt recovery drive of the agency.

Eze said the recovery of such humongous amount of nearly N5 trillion owed AMCON by a few obligors would increase the revenue of President Bola Ahmed Tinubu’s government, and enable the government to deliver the renewed hope Mr President promised Nigerians.

Honourable Eze, who led his committee to the retreat attended by the leadership and management of AMCON, said the debt recovery agency must be more brutish in the recovery strategy, which should not allow a few obligors get away with the commonwealth of all Nigerians.

Hon Eze, according to a statement by Mr Jude Nwauzor, the Head of Corporate Communications Department of AMCON, charged AMCON not to be deterred by the personality or position of any obligor when enforcing on their asset.

He said: “The new AMCON management has to face the reality of debt recovery, which is not easy, and must not consider social status of obligors in carrying out enforcement actions.

“In fact, even if you find my name on the list of AMCON obligors, please come after me. The success of AMCON’s mandate is not the responsibility of one institution alone; it requires the concerted efforts of all stakeholders.

This includes the government, financial institutions, the regulatory bodies, security agencies, and indeed the private sector.

“We recognise that the economic landscape is evolving rapidly. Global and domestic challenges require us to reassess our strategies and adapt to new realities.

Retreats such as this presents us with another opportunity to reflect on AMCON’s journey so far, to identify areas where we can enhance its capacity, and to align our efforts towards ensuring that the Corporation continues to be a key player in our nation’s economic stability.”

According to the lawmaker, the theme of the retreat, “Revitalising Asset Management for Economic Stability: Exploring Policy Changes and Legislative Support for AMCON,” is not only timely, but also critically important.

The task of managing distressed assets is complex, requiring robust policies, innovative approaches, and unwavering legislative backing.

Revitalising, in this context, Eze said, “means more than just improving existing processes; it involves a rethinking of the entire framework within which AMCON operates.”

Earlier, the Executive Director of Operations, Mr Lucky Adaghe, who represented the AMCON MD/CEO at the retreat, urged the committee to continue to support the Corporation because as the economy tightens up, the assignment of debt recovery has also become even more difficult.

Adaghe said: “The Nigerian economic landscape presents a complex web of challenges for debt recovery, as the country grapples with high inflation, and currency fluctuations.

The current economic reforms such as the removal of fuel subsidy, foreign currency exchange unification etc. aimed at diversifying the economy and promoting growth are expected to positively impact debt recovery.”