ICPC Chairman submits AMCON Debt Recovery Report to Osinbajo

The inter-agency committee set up on the recovery of debts owed to the Asset Management Corporation of Nigeria (AMCON), led by the Chairman, Bolaji Owasonoye, also Chairman of the Independent Corrupt Practices Commission (ICPC), has submitted an Interim Report to Vice President Yemi Osinbajo SAN at the State House, Abuja.

Vice President Osinbajo, receiving the report, assured that the federal government would review the report and act accordingly. The VP noted that the issue of AMCON debtors doing further business with government agencies is a due diligence matter and there would have to be compliance with the requirements of the law.

Owasonoye disclosed that the Committee had proposed to the Federal Government that henceforth, “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.”

Owasonoye h9ghjlighted that “between 2020 and 2021, AMCON made significant recoveries which is highlighted in the report. Within the period under review, AMCON witnessed 10% growth in the recovery performance across various asset classes.

“For instance, 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.”

Owasonoye promised that the committee will 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.

At the submission were the Managing Director and Chief Executive Officer of AMCON, Ahmed Kuru, representatives of agencies including the ICPC, Federal Ministry of Justice; Nigerian Financial Intelligence Agency; Nigerian Deposit Insurance Corporation; Central Bank of Nigeria; Department of State Services; and the Economic and Financial Crimes Commission.