84% of N4.4tr AMCON debts without collateral – Kuru

Managing Director/Chief Executive Officer (CEO) of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru said eighty-four percent of the N4.4 trillion debts owed the corporation is without collateral.

Kuru said this at an interactive forum organized by AMCON, Legal Academy for Land Registry Officials, Corporate Affairs Commission, and other stakeholders in Abuja.

He told his audience that the corporation’s debt recovery mandate requires the collaboration of all agencies of the government as it is a national assignment.

The AMCON boss, who spoke of the importance of high-level collaboration, put the exposure on all Eligible Bank Assets (EBAs) at N4.4 trillion.

Kuru, who was represented by AMCON Executive Director, Operations, Aminu Ismail, explained that of the huge number of debtors, only 350 outstanding obligors account for 83 percent of the total EBA balance just as 244 of the top 350 obligors are in various courts. “However, the collateral coverage is only 16 percent of the total current exposure,” he said.

Justice Nnamdi Dimgba of the Federal High Court, Awka Division, said everything within the ambit of the law must be done to ensure that AMCON debtors payback.



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