L-R: Mr. Jude Nwauzor, Head Corporate Communications Department, Asset Management Corporation of Nigeria (AMCON); Mr. Michael Okpere, Vice Chairman Leadership Newspapers handing over a copy of the publication to Mr Ahmed Kuru, Managing Director/Chief Executive Officer, AMCON and Mr Muazu Elazeh, Managing Director, Leadership Newspapers when a delegation from the newspaper led by Mr Okpere paid a business visit to the MD/CEO of AMCON in Abuja on Wednesday
The Asset Management Corporation of Nigeria (AMCON) has more than 5,000 ongoing cases in court with some of its obligors.
Mr. Ahmed Lawan Kuru (ALK), Managing Director/Chief Executive Officer of AMCON, disclosed this on Wednesday in Lagos, saying that the corporation had outstanding of loan obligations in excess of N5.4 trillion.
He added that less than 350 people account for more than 80 per cent of the N5.4 trillion.
Stated Kuru: “AMCON is fighting with people that are richer than us, stronger than us; and more desperate than us. But what we have better than them (obligors) is that we are on the side of the law. We always ensure that we don’t do anything illegal; we always stand on the side of the law”.
He also said the corporation still had thousands of obligors who it is battling to recover over N5.4trillion from, stressing that these obligors borrowed money from different banks with no intention to pay back. Kuru made these disclosures in his Abuja office when a delegation from Leadership Media Group paid him a courtesy visit.
The AMCON boss recalled a recent situation where AMCON took over a company and changed its it’s management, which did not go well with the owner of the company whom he said went to court to secure a court order that was yet to be clearly interpreted.
Informed Kuru: “Some of our obligors normally resort to newspapers to define status quo. Unfortunately for us, because we are the government, we don’t join issues with people on the pages of newspapers. The corporation does not engage in illegality to victimise Nigerians. I can assure you that as a corporation, we don’t do anything illegal. I always tell our obligors that we won’t do anything illegal, including illegally collecting property from individuals and handing it to the government. It doesn’t make sense to me because whatever we do, ultimately, at the end of the day we answer to God”.
He assured that the organisation would not allow very few individuals to hold public funds personally, urging Nigerians to put hands on deck to ensure that the people are made to be accountable, because, these are commercial transactions.
Queried Kuru: “Why don’t they meet the commercial obligations? AMCON law was created to address some of these recalcitrant debtors that have professionalised not meeting up to their obligations”.
He noted that as staff of AMCON, himself and his colleagues were representing Nigerians with a mandate to recover public funds in the hands of private persons for the government. Kuru said Leadership was a default newspaper for AMCON, a reason he said the newspaper was prioritised, and called for more partnership.
Noted he: “Here at AMCON, there is no week on the average that you don’t make one or two enemies here even with some of the people who have never met you. Suddenly because you ask them to come and pay, then, you have become a bad guy. Then, you start reading all sorts of things on the pages of newspapers. So, it’s extremely difficult. It is one of the most difficult jobs I can tell you because commercial transactions are not criminal.
“Business could genuinely fail, and then, people would want to get concessions or run away from it. But the law that sets us up does not recognise genuine reason or not, for non-repayment of your loans. We need the support of the press for the public to understand that we are carrying out this assignment on their behalf.
“The easiest thing is for somebody to walk away or start understanding the sentiment, you can’t collect N1 because there are one thousand reasons why somebody is not paying. So, you have to focus on the law and the trust that is given to you, and then use it as a basis to carry out your operations”.
The leader of the delegation and a Director at Leadership Media Group, Mr Mike Okpere said they were at AMCON to touch base and discuss ways to improve a long-standing relationship with AMCON.
