AMCON wants debtors blacklisted, recovers N307bn

The Asset Management Corporation of Nigeria (AMCON) has moved to prevent debtors from securing future government contracts, as it recovers N307 billion from government debtors between 2020 and 2021.

In 2020, the government debt-recovery agency recovered the sum of N146 billion, the next year, N161 billion was also recovered from unnamed debtors, recording 10 per cent growth in the recovery performance across various asset classes.

While the identities of the debtors were not revealed in an interim report by the inter-agency committee set up on the recovery of debts owed to AMCON, it was gathered that due diligence will now be prioritized in awarding contracts and projects.

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In the report submitted to Vice President, Yemi Osinbajo, SAN, on Wednesday at the Presidential Villa, the Committee led by its Chairman, Prof. Bolaji Owasonoye, SAN, said, “all AMCON debtors must not be allowed to transact business or enjoy patronage with any government agency whatsoever, except clearance is obtained from AMCON on the debt status of such obligors.”

Revealing the result from AMCON’s debt recovery effort, Owasonoye said, “Between 2020 and 2021, AMCON made significant recoveries which is highlighted in the report.

“Within the period under review, AMCON witnessed 10 per cent growth in the recovery performance across various asset classes,” Owasonoye, who is also the Chairman of the Independent Corrupt Practices Commission, stated.

According to him, “…in the year 2020, the sum of N146 billion was recovered, while in 2021 the sum of N161 billion was also recovered. The recovery outlook for 2022 is also looking positive and the Committee will not relent in its effort in engendering more recoveries.”

The Committee vowed to continue its assignment with the institution of bankruptcy proceedings, tax infraction, inquiry as well as other strategies to ensure the obligors are brought under the recovery net of AMCON.