The Asset Management Corporation of Nigeria (AMCON) is grappling with the recovery of over N4 trillion in outstanding debts and has called on the media to help hold debtors accountable.
AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, made this known while addressing journalists in Ikeja on Friday.
Nwauzor urged the media to play an active role in holding debtors accountable, describing the press as the mirror of society.
He stressed that media engagement could help expose the activities of high-profile debtors and compel them to meet their obligations.
“The management of AMCON is convinced that a deeper collaboration between AMCON and the media will deliver positive dividends for the country,” he said
He explained that many of these debtors, despite owing billions to AMCON, continue to enjoy a luxurious lifestyle, including owning private jets and high-end properties. He argued that media scrutiny could deter such individuals from evading their financial responsibilities.
“We believe that when these obligors, who own some of the private jets you see at our airports, are challenged by the media, they will not be as bold and audacious as they have become,” he noted
He emphasized that media reports could serve as a tool to pressure debtors into making repayments. He also reiterated that all stakeholders should recognize AMCON’s debt recovery mandate as a matter of national importance.
Resistance and misuse hinder recovery
According to Nwauzor, some debtors failed to use the borrowed funds for their intended purposes, which has complicated the recovery process.
He highlighted that AMCON has continued to face stiff resistance from certain obligors who are unwilling to repay without a fight.
“The leadership of AMCON knows that there is no nice way of recovering debt. Obligors could go to any length to assassinate the characters of AMCON staff members and its management,” Nwauzor stated.
He emphasized that while many debtors had fulfilled their obligations, some remained unwilling to settle their debts.
Impact on the Nigerian economy
Nwauzor cautioned that if AMCON fails to recover the outstanding debt, the federal government will have to settle it using taxpayers’ money.
“If at sunset AMCON is unable to recover the huge debt of over N4 trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ money will be used to settle.
The implication is that the general public will be made to pay for the recklessness of only a few individuals,” he said.
He further stated that such debtors have played a significant role in harming Nigeria’s economy.
