Monday, September 8, 2025
24.5 C
Lagos

AMCON, ICPC to Collaborate on Debt Recovery Drive

The Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoy in Abuja disclosed plans by the commission to collaborate with Asset Management Corporation of Nigeria (AMCON) towards the recovery of N5 trillion owed AMCON by obligors.

He made the declaration when he received the Board and Management of AMCON led by the Corporation’s Board Chairman, Dr. Muiz Banire.

Prof. Owasanoye who received the AMCON delegation at ICPC headquarters while describing the huge debt profile of AMCON as sobering situation especially as the figure represents about 50 per cent of Nigeria’s 2019 budget, further said the situation has become existential challenge for the country since the few people who are holding the country to ransom are still walking free and waxing strong in the society.

Considering the positive impact, the funds would have in the economy if recovered, Prof. Owasanoye declared that the time has come for the ICPC and other relevant sister agencies to partner AMCON and support the debt recovery drive.

He however pledged that the ICPC under his leadership is ready to work with Ahmed Lawan Kuru, Managing Director/Chief Executive Officer of AMCON and the Board members to recover as much of these debts as possible before sunset.

Recalling that the Vice President, Prof. Yomi Osinbajo had also raised concerns over the huge debt in a similar forum, the ICPC Chairman said, the commission would be interested in tracing the transactional history of the different loans especially the high profile ones with a view to establishing any irregularity, which could have contributed to its hard-core nature, with obligors refusing to pay

“We have to be practical in our approach. Something needs to be done and very fast too given the approaching AMCON sunset because this is public funds we are talking about here. We need AMCON and ICPC to work closer and develop a strategy that would work. We need the public to know the opportunity cost of the huge debt to the Nigerian economy, we need to share information as sister agencies locally and internationally and treat this matter as a last lap race by setting up a joint taskforce to deal with this sobering issue,” he added.

The ICPC boss, who is of the opinion that obligors of AMCON are made to face the music, which he said would serve as deterrent to others further added, “If these matters are not properly challenged and well treated, we can predict based on history that these set of people or their clones would repeat this circle of borrowing and would tell you that in the past, some people borrowed and defaulted and nothing happened. So something has to be done.”

Earlier in their submissions, both Dr. Banire who led the delegation and Kuru, AMCON managing Director/Chief Executive Officer, highlighted some of the high-profile obligors of the Corporation including some 350 individuals that account for 80 per cent of the entire debt obligation.

They also reiterated the fact AMCON would at this time in its lifespan need collaboration of the ICPC to go after these obligors especially since AMCON on its own does not have the powers to invite, arrest or prosecute obligors as the only option open to AMCON remains the court.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Casava Secures $4m to Provide Microinsurance Services in Nigeria

Casava, Nigeria’s first 100 percent digital insurance company, has...

PenCom: Commitment to Ethical Conduct, Business Practices

One of the major achievements of the Pension Reform...

Mutual Benefits Assurance @ 28: Committed to Deepening Insurance Penetration in Nigeria

L-R: Company Secretary, Mutual Benefits Assurance Plc, Babajide Ibitayo;...

Sovereign Trust Named Insurance Company of the Decade

L-R: Segun Bankole, Deputy General Manager, Sales and Corporate...

9mobile on the Verge of Collapse

The decision of Teleology Holdings Limited to exit 9mobile...

28th EDITION EVALUATE PR: The Intersection of PR and Global Politics: Managing Reputation in Uncertain Times

P+ Measurement Services, Nigeria’s foremost media intelligence and communications...

Kano Residents Benefit from Fidelity Food Bank Initiative

Over 1,500 residents have benefited from a Fidelity Food...

Embracing Our Common Economic Future with Optimism

Written By: Roberts Orya is Managing Director and Chief...
spot_img

Related Articles

Popular Categories

spot_imgspot_img