AMCON Pushing Hard To Recover N4.4 trn Debt Nationwide, Says Official

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    The Asset Management Corporation of Nigeria (AMCON) says it is pushing hard to recover the N4.4 trillion debts owed the company in failed financial institutions it took over its liabilities.

    Head, Corporate Communications Department of AMCON, Mr Jude Nwauzor  said this on Thursday in Enugu while briefing journalists on enforcement on an indebted person’s property in Enugu used as collateral in a failed bank loan.

    Nwauzor said that if the company could recover the N4.4 trillion debts; the country would not have any need to borrow for infrastructural development.

    “If we can recover the whooping N4.4 trillion within the time frame; we will not be borrowing for our infrastructural developmental needs,’’ he said.

    On the latest court enforcement on an indebted person’s property in Enugu used as collateral in a failed bank loan, he said that AMCON secured “a valid court injunction’’ to take over the property after out-of-court negotiation and settlement failed.

    The spokesman said, “We simply came to enforce a court order with the court bailiff and policemen attached to him.

    “The enforcement is to take over the landed property used as collateral for taking the failed loan.

    `’AMCON has nothing doing with a school or shutting it down, as the school and its pupils occupying are still going about their normal learning and other human activities.

    “AMCON does not deal with educational institutions, health institutions and religious organisation since these are institutions of public interest.

    “So, as we speak, the school is open and academic activities ongoing,’’ he said.

    Nwauzor said that if anyone is not happy with the court order issued, even as the matter is still ongoing in court, he or she should approach the court to get a counter order.

    “The ongoing use of the media to fault AMCON enforcement of valid court order is uncalled for and unfortunate.

    “There is no amount of newsroom judgment that can overrule a valid court order,’’ he said.

    It would be recalled that the property where the school is located belongs to Ferdinand Property Investment Limited.

    Several years ago, Ferdinand Property Investment Limited, obtained a loan from UBA Plc, giving Corporate Guarantee in respect of the US$2.9 million AfDB loan granted to Ferdinand Oil Mills Limited in 1989.

    Since the loan remained unliquidated, AMCON acquired it, following which the order and originating processes were served on the school on July 16, 2016, but the school pleaded to be given time to enable them to arrange how to settle AMCON.

    Credit: NAN

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