AMCON enlists more agencies in hunt for N5 trillion debt

The recovery chase for the N5trillion debt in the portfolio of the Asset Management Corporation of Nigeria (AMCON) got new vista, as more government agencies enlist to hunt down the bad debtors.

This is coming as the legally binding operational lifespan of the “bad bank” due 2023, is fast approaching, while the obligors are yet to respond.

Ahmed, who made the call in Abuja, at the weekend, during the quarterly briefing of the ministry of finance, attended by agencies under the supervision of the ministry, commended AMCON, but said she expects a lot more from the corporation, especially now that President Muhammadu Buhari has signed the amended 2019 AMCON Act into law.

“AMCON must ensure that the debts are recovered before the sunset, which is around the corner. If at sunset, AMCON fails to recover the huge bad loans, the debt will become a government problem, which the government is not willing to carry.

“Therefore, everything must be done to ensure that AMCON recovers the debt from the obligors because it will have a huge positive impact on the economy,” the minister said.

Similarly, the Director-General of the Bureau of Public Procurement (BPP), Mamman Ahmadu, declared BPP’s willingness to collaborate with AMCON in the quest to recover the debt.

He said the recovery will help liberate the economy, as well as improve the commonwealth of the nation.

The BPP boss said the bureau has intensified its due diligence process and will ensure that those seeking contracts from the government are scrutinised to establish the fact that they are not on the list of AMCON debtors before contracts are awarded.