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7,902 Chronic Bank Debtors Owing More Than N3.1trn — AMCON MD

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AMCON Buhari

The Managing Director (MD) of the Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru, on Monday, disclosed that 7,902 bank debtors owe more than N3.1 trillion, as 350 obligors alone accounted for over N2.05tn.

Kuru also stated that so far, the corporation had recovered about N1.48tn out of N4.158tn owed by bank debtors.

This was noted in a statement issued by the Corporation in Kaduna at the 2021 retreat of the Senate Committee on Banking Insurance and other Financial Institutions with the management of AMCON.

The statement was tilted ‘AMCON Debt: Senate pushing for additional cooperation from CBN, NDIC.”

It reads in part; “The Managing Director/CEO of AMCON Mr Ahmed Kuru, told the committee that AMCON was strongly battling with its debt recovery activities.

He said despite the efforts of AMCON, the economy and the banking sector were not growing at the expected rate, creating a huge gap in its recovery operations.

“All our action is geared towards settling our obligation with the CBN. After recovery and disposal, funds are paid directly into our CBN account.

“Recovery and disposal of assets have so far contributed above N1.27tn towards settling our obligation. The economy and the banking industry are not growing at the expected rate thereby creating a huge gap in our recovery activities.

“At the recovery rate we are currently experiencing; we may not be able to cycle out even in the next five years. Additionally, the interest rate AMCON is shouldering on its bond to the CBN is making it difficult for the recovery rate to grow,” he added.

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