The Asset Management Corporation of Nigeria (AMCON), has given a 30-day grace to obligors which expires on January 5, 2022 to come with a payment proposal to upset their outstanding N4.4 trillion debt obligations.
The agency’s action was sequel to recent directive of the Senate Committee on Banking, Insurance and other Financial Institutions
The commission said all is now set for the publication of a new list of recalcitrant debtor individuals, and institutions, as well as their directors on its Non-Performing Loans (NPLs) portfolio in national newspapers after the expiration of the one-month grace on January 5th ,2022
The committee chairman, Senator Uba Sani (Kaduna Central), had directed AMCON to publish again the names of all debtors including prominent Nigerians who are frustrating efforts at fulfilling its debt recovery mandate.
A statement by AMCON’s Head of Corporate Communications, Jude Nwauzor, 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.”
AMCON is saddled with the statutory responsibility of recovering all troubled debts owed the Corporation through the purchase of Eligible Bank Assets (EBAs) from Eligible Financial Institutions (EFIs) during the different phases of EBA purchases when the Federal Government established AMCON in 2010.
Consequently, the AMCON Act Section 50B. (1) as amended states 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…”
