TheCable

Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria (AMCON), says the corporation has made recoveries of about N1.6 trillion, which include recoveries in cash and in sale of assets.

Kuru spoke on Monday in London, United Kingdom at a training for federal high court judges from Nigeria.

Speaking at the event, he described the opportunity extended to AMCON to be a participant as “golden” because it gives the corporation the platform to once again present its case, refresh memories, emphasise the nature of its national assignment and the challenges of its sunset date.

“My Lords, distinguished ladies, and gentlemen, with the help of the Judiciary, AMCON has been able to make notable progress especially in enforcement,” he said.

“Granting of Exparte Orders as well as Orders to attach traced assets have compelled most recalcitrant obligors of AMCON to come to the negotiation table.

“To date, the corporation has made recoveries of about N1.6 trillion, which include recoveries in cash and in sale of assets.

“Nigeria struggles with a huge debt burden, so is AMCON struggling with very recalcitrant obligors who have mastered the act of clinging to the technicalities, rather than settling their established obligations.”

Kuru lamented the activ­ities of recalcitrant debtors who have found new tricks of masking assets traced to them by presenting third parties as the real owners.

He warned the judicial officers to be wary of such characters.

“Out of total of N4.664 tril­lion, we have so far recovered about N1.6 trillion in the more than 10 years of our existence. We still have a long way to go,” he said.

“About 350 obligors account for N3.957 trillion, which is above 84% of total outstanding amount. Our debt is in the bal­ance sheet of the Central Bank of Nigeria (CBN), and therefore a threat to the economy.

“After recovery and disposal, funds are paid directly into our CBN account. Recovery and disposal of assets have so far contributed about N1.6 trillion towards settling our obligation.

“Accordingly, we would not get tired of appealing to Your Lord­ships for more understanding and collaboration towards the achievement of this national assignment.”