AMCON, EFCC Collaborate to Recover N4.6tn Debts

• AMCON, EFCC Collaborate to Recover N4.6tn Debts

In a bid to recover the N4.6tn owed it, the Asset Management Corporation of Nigeria on Thursday met with the leadership of the Economic and Financial Crimes Commission.

The meeting was for both agencies to consolidate the gains of their relationship, especially in the areas of investigation and prosecution of AMCON debtors in accordance with the relevant statutes.

The meeting between the AMCON team led by the Managing Director/Chief Executive Officer, Mr. Ahmed Kuru, and the Acting Chairman of the EFCC, Mr. Ibrahim Magu, was to enable both organisations to take another look at some banks and their officials who were instrumental to the abuse and violation of internal processes that led to the huge non-performing loans in the corporation’s portfolio.

The agencies are planning to revisit, reinvestigate and duly prosecute such banks and the responsible officials, according to a statement issued at the end of the meeting.

Magu described the assignments of both agencies of government as “very tough, overwhelming and challenging,” adding that he was happy that AMCON under Kuru was doing everything within its mandate to confront the obligors with all the risks involved in the process of doing so.

He said it was for that reason that the EFCC established the AMCON Desk with dedicated officials who ensure that all AMCON-related cases in the anti-graft agency received speedy attention.

Magu assured Kuru that the desk would continue to be functional, adding that the EFCC was willing to increase the number of personnel on the desk if so required, and would be willing to establish a Lagos branch if necessary to make sure that the huge loans were recovered in the interest of the Nigerian economy.

Condemning the impunity with which those transactions were done, the EFCC boss affirmed that some of the obligors, who took loans without the intention of paying back, did not envisage that someday an agency like AMCON would come knocking on their doors and seeking to recover the loans.

According to him, giving the similarity in the objectives of both agencies, the there is a need for joint trainings towards fostering better understanding between AMCON and the EFCC.

While reaffirming the commitment of the EFCC to cooperate and provide the much needed support to AMCON, Magu urged the corporation to ensure that justice was done in all cases, because most of the obligors might not have acted alone in their unwillingness to repay, but might involve the connivance of some of bank officials whose motive was to cheat ab-initio.