TheCable

Judges of the federal high court have advised the Asset Management Corporation of Nigeria (AMCON) to use alternative dispute resolution methods in recovering debts.

Speaking in Abuja during the weekend, the judges said using ADR centres set up by the federal high court could make recovery faster rather than “wait endlessly for the courts” on grounds that the corporation has over 3,000 cases in court.

I.N.Buba, A.M. Liman, C.M.A. Olatoregun, B.F.M. Nyako and Nnamdi Dimgba made the call at a seminar that was organised for external solicitors and asset management partners of AMCON, which held at Sheraton Hotel, Abuja.

Buba, who chaired one of the sessions said, “Every judge is supposed to promote ADR because it is faster. ADR was set up to help the courts. If you say you don’t want ADR, then you have to be ready to waste your time in court. It is not that the courts deliberately delay your cases, but the courts are overwhelmed by the barrage of cases before them.”

Nyako, who also chaired a session, urged AMCON lawyer to familiarize themselves with the legal procedures before appearing in court.

She said a case will not take off if the lawyer AMCON case does not follow procedure.

Speaking at the seminar, Ahmed Kuru, AMCON managing director, lamented the huge outstanding debt put at N5 trillion.

“We have noticed increased incidences of obligors taking advantage of the appeal process to deny us the benefit of favourable judgments obtained,” Kuru, who was represented by Aminu Ismail, an executive director at AMCON, said.

“Going forward, we should be conscious of the availability of the opportunity to request the courts to order litigants to deposit judgment consideration with the court registrars. This will mitigate the practice of obligors deliberately dragging their matters in court.”

At present, 80% of AMCON’s N5 trillion debt is owed by 350 individuals.