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There are indications that the 7,912 debtors owing Asset Management Corporation of Nigeria (AMCON) N4.4trillion could be lesser than anticipated.
This is because some of the debtors are currently negotiating with the agency with a view to avoiding the publication of their names
The Asset Management Corporation of Nigeria had confirmed ongoing plans to proceed with the publication of names of the 7,912 debtors owing the agency N4.4 trillion following the expiration of the deadline on Wednesday, January 5, 2022.
Jude Nwauzor, spokesman of the corporation,said: “Yes, there are people coming to negotiate with us, who do not want their names on the list being prepared for publication.”
He said pending cases in courts would determine names to be published among debtors list.
The chief executive of AMCON, Ahmed Lawan Kuru, had lamented that only 350 outstanding obligors account for 83% of the corporation’s total Eligible Bank Assets balance; of which the top 244 are in various courts.
According to him,the collateral coverage for these assets stands at a mere 16% of the total current exposure.
Last December,the Senate Committee on Banking, Insurance and other Financial Institutions, directed AMCON), hinted at a 30-day grace which expires on January 5, 2022, to come with a payment proposal to upset their outstanding debt obligations.
Senate committee chairman, Senator Uba Sani (Kaduna Central) directed publication of the new list of recalcitrant debtor individuals, and institutions, as well as their directors on its Non-Performing Loans (NPLs) portfolio in national newspapers.
A statement by the corporation’s spokesman,had said: “The corporation will have no choice than to carry out the directive of the National Assembly (and) will not be blamed having taken the pain to warn the debtors ahead of the planned publication.”
According to the AMCON Act Section 50B. (1) as amended that, “notwithstanding any rule or contractual obligation as to confidentiality, the Corporation may publish, in the national daily newspapers, a list of debtors that have failed to meet their debt or other repayment obligation to the Corporation in connection with any Eligible Bank Asset acquired by the Corporation…”
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