Business

AMCON: Debtors’ account hit N4.5trn

Published

9 years ago

February 23, 2018

MD vows to recover debts

By Chioma Obinagwam

AMCON under Ahmed Kuru, Managing Director (MD), had continually maintained that it would continue to engage top debtors of the Corporation because of some 400 obligator of the AMCON account for more than N4.5 trillion.

Kuru, who is also the Chief Executive Office (CEO), said the N4.5 trillion is approximately 80 per cent of the total outstanding loan balance of the Corporation’s over twelve thousand accounts with obligors that have become recalcitrant over time despite the obvious efforts of the Corporation to resolve the issues amicably.

To deal with the situation however, the Kuru-led AMCON has just as it did last year increased the tempo of its recovery activities in 2018, using firmer negotiation strategies as well as utilizing the special enforcement powers vested by the AMCON Act to compel some of its headstrong debtors especially those that are politically exposed and business heavyweights to repay their debts.

Aero Contractors, Daily Times of Nigeria, and most recently Osigwe Foods and Agro Industrial Company Limited are some of the companies that have been taken over by AMCON as part of its debt recovery exercise.