Powerful Nigerians are frustrating AMCON?s recovery of N4.4trn debts ? Senate panel

Senate Committee on Banking, Insurance and other Financial Institutions has lamented that highly-placed Nigerians are frustrating effort of the Asset Management Corporation of Nigeria (AMCON) to recover N4.4 trillion owed the agency.


This was disclosed by the committee’s chairman, Senator Uba Sani (APC, Kaduna) at a stakeholders’ meeting on “Consolidating the effectiveness of the asset recovery model adopted by AMCON” at Zuma Rock Resort, Niger State.


Sani said; 


“From the N4.4 trillion we are trying to recover, about 350 people in this country are responsible. This is about 83 per cent of the debt.

“This is very worrisome. This means that powerful Nigerians are the ones not willing to pay these loans. They have been employing different strategies and tactics to stall the repayment of loans running into trillions of Naira.

“A lot of highly placed Nigerians are not willing to support AMCON because most of those people are the ones that have taken this money from the banks and of course you know the government came in to set up AMCON to safe banks from getting down.

“But unfortunately, from what is happening, AMCON is finding it very difficult because those people are highly placed Nigerians, they try to frustrate AMCON’s effort through the  judiciary and that is what we are looking.”


The lawmaker also gave an assurance of AMCON getting the necessary support from the upper chamber of the national assembly.