N5.4trn Debts: Nigerian Big Men Owing Us Still Fly Private Jets, Live In Big Mansions – AMCON Laments

AMCON-Ahmed KuruThe Managing Director, Asset Management Corporation of Nigeria, AMCON, Ahmed Kuru yesterday told the Senate that very rich Nigerians who are still indebted to the corporation, are still living in opulence and traveling around the world in their own private jets.

Speaking after an interactive session with the Senator Rafiu Ibrahim-led Committee on Banking, Insurance and other Financial Institutions, the AMCON boss lamented that most of the debtors of the N5.4 trillion debts were still living large, refusing to offset their debts.

Kuru added that the senate was really worried by the ugly development and ready to do anything under the law to ensure that the debt is recovered.

“We have seen that most of the debtors in AMCON are big men that fly in private jets, live in big mansions and they take money and they are not paying back but the senate is really disturbed and they are ready to do anything under the law to ensure that the N5.4 trillion that is outstanding obligation of AMCON is repaid.

“The passion they have shown to us today is unprecedented. Because we show to them in its raw form, the challenge that we are having, particularly now that the economy is not doing very well. And where you have less than 5 per cent, less than 300 people, accounting for more than 80 per cent of the outstanding obligation of AMCON. That is very disturbing”, he said.

Kuru further noted that the body language of President Muhammadu Buhari was already helping the corporation towards recovering the debt, even as he hinted that some of the debtors are already taking steps in that direction.

His words: “The position of the President is helping us to do most of the work that we are doing currently. There are quite a lot of people that were shying away from AMCON before but looking and seeing the body language of the President, they have realised that it is important for them to come and talk to AMCON.

“It is not criminal to borrow money it is only inappropriate not to come and pay those funds because these funds ultimately if we don’t pay them, somehow they carry government guarantee. So, the current body language of the government and from what I have seen from the Senate, there is a harmony and consensus as to the fact that these funds must be paid back”, he said.

On whether there as a time limit set for the debt recovery by the corporation, the AMCON boss said there was no time limit but it is a process that must begin and be sustained.

“When you are talking about N5.4 trillion, you don’t recover that in a day, nether do you recover that in a year. Our intention is not to kill any business, our intention is for the businesses to perform, if there is any help they want from us as AMCON, we help them but the accounts must perform. So, it’s not an event, it’s a process.

“Because somebody owes us N120 billion, you don’t expect anybody to bring that in one year. But come and talk to us so that we have an agreement and understanding. And then your business is running and you are paying obligation and everybody is happy”, he said.


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