The Asset Management Corporation of Nigeria (AMCON) has concluded arrangements to publish the full list of its individuals, institutions as well as their Directors on its Non-Performing Loans (NPLs) portfolio in national newspapers.
Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani (Kaduna Central) had last week directed AMCON to publish again, the names of all debtors including prominent Nigerians frustrating effort of AMCON at fulfilling its debt recovery mandate. But as a responsible corporate citizen, the management of AMCON led by Ahmed Lawan Kuru, may have given the debtors thirty days from December 6, 2021, to January 5, 2021, to come forward with a repayment proposal or risk the embarrassment of having their names in the media space as recalcitrant debtors as directed by the 9th National Assembly of the Federal Republic of Nigeria.
AMCON is saddled with the statutory responsibility of recovering all delinquent debts owed it through the purchase of Eligible Bank Assets (EBAs) from Eligible Financial Institutions (EFIs)in the different phases of EBA purchases when the Federal Government established the Corporation 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…”