Friday, 5 February 2016

AMCON to publish names of 220 delinquent debtors who owe N1.1 trillion

A total of 220 influential Nigerians owe the Asset Management Corporation of Nigeria (AMCON) the sum of N1.145 trillion.
The 220 are in the first batch of delinquent debtors that AMCON will publish in newspapers any moment from now following a directive from the Central Bank of Nigeria (CBN).
AMCON was established by the Federal Government in the wake of the 2009 banking crisis in the country to take over bad loans from the books of Deposit Money Banks.
The action was meant to save the financial system from an imminent collapse due to high toxic assets in the banks.
The highest debtor on the list owes N160 billion, while the least has N680 million obligation to the bad debt manager.
The debts were purchased from the banks between 2010 and 2011.The corporation has made several efforts to recover the debts taken over from the banks but these have not yielded much result.
The Managing Director, AMCON, Mr. Ahmed Kuru, vowed that the agency would do everything possible to recover the debts.
He said on Monday that the agency would publish the list of debtors who refused to negotiate with the agency.


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