The House of Representatives Committee on Banking and Other Ancillary Institutions has called for the establishment of a judicial task force to expedite the trial of Asset Management Corporation of Nigeria (AMCON) loan defaulters. This move aims to recover debts and contribute to the country’s economic recovery.
“We can’t fold our arms and watch them walk away with our collective resources,” said Eze Nwachukwu, Chairman of the committee. “We have the list of these obligors and will come up with a resolution to address the challenges AMCON faces, including the establishment of a judicial task force to speed up the recovery of debts.”
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Nwachukwu expressed disappointment that 350 Nigerian obligors were withholding collective resources and constraining the nation’s economy. He stressed the need for urgent action, stating, “If political cases have lifetime attention, why not prioritize our nation’s economic challenges? We can’t continue to sit back and watch these obligors walk away while the country suffers economic hardship.”
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AMCON Managing Director/CEO Gbenga Alade noted that the corporation was dealing with 1,865 court cases across various levels of the judiciary, with 246 obligors in court. He expressed frustration that debtors often exploited legal loopholes to prolong court cases.
Despite challenges, AMCON has contributed 34% to the funding plan as of December 2023, with recoveries totaling N1.9 trillion. However, the corporation faces significant recovery challenges due to legal technicalities and obligors hiding under legal loopholes.
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