Reps Seek Immediate Action Against 350 AMCON Loan Defaulters

Reps Seek Immediate Action Against 350 AMCON Loan Defaulters 

The House of Representatives Committee on Banking and Other Ancillary Institutions has proposed the creation of a judicial task force to accelerate the resolution of cases involving Asset Management Corporation of Nigeria (AMCON) loan defaulters…… CONTINUE READING 

The call follows revelations by AMCON Managing Director/CEO, Mr. Gbenga Alade, who reported that 350 out of 12,743 loans account for over 80% of the total purchased accounts, with 246 of these cases currently in legal dispute.

The committee’s Chairman, Eze Nwachukwu, emphasized the urgency of the situation during an interview at the 2024 AMCON retreat in Enugu. He criticized the ongoing obstruction by the 350 defaulters, stating, “We cannot stand by and watch them withhold our collective resources and hinder economic progress.”

Nwachukwu expressed frustration over the disparity in the prioritization of political versus economic issues, advocating for equal attention to economic challenges.

In his address, Nwachukwu acknowledged AMCON’s progress since its establishment amid severe economic crises. However, he stressed the need for strategic updates to enhance the corporation’s effectiveness in managing distressed assets.

He highlighted the retreat’s theme, “Revitalising Asset Management for Economic Stability,” as critical for improving AMCON’s operations through policy changes and legislative support.

Mr. Alade, represented by Mr. Lucky Adaghe, outlined the ongoing judicial challenges, noting AMCON’s involvement in 1,865 court cases across various levels. He criticized the exploitation of legal loopholes by debtors to delay proceedings and emphasized the significant recovery efforts made, including N1.9 trillion in total recoveries.

Alade noted that while AMCON has achieved substantial recoveries through various channels, the persistent legal battles and technicalities continue to impede progress.

The committee’s push for a judicial task force aims to address these challenges and expedite the recovery of outstanding debts, thereby supporting Nigeria’s economic stability.

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