AMCON’s Over N5tn Debts Require ADR Approach – Jurists

• AMCON’s Over N5tn Debts Require ADR Approach – Jurists

As Asset Management Corporation of Nigeria continues to seek better ways to recover its huge outstanding debt of over N5tn, 80 per cent of which is owed by just 350 individuals in the country,leading jurists have urged the corporation to explore the opportunities offered by Alternative Dispute Resolution centres established by the Federal High Court.

They made the call at the Abuja version of the 2019 annual seminar for External Solicitors and Asset Management Partners of AMCON, which ended in Abuja at the weekend.

While speaking at the event, respected jurists such as Justice I.N.Buba; Justice A.M. Liman; Justice C.M.A. Olatoregun; Justice B.F.M. Nyako; Justice Nnamdi Dimgba; Dr Chuka Agbu SAN and Mr Olugbenga Bello among others urged AMCON to refer some of its cases to the ADR as that could provide faster ways towards recovery.

They said that it was better than to wait endlessly for the courts, especially now that the corporation had over 3,000 court cases and counting with imminent sunset date fast approaching.

Justice Buba, who chaired one of the sessions, said, “Every judge is supposed to promote ADR because it is faster. ADR was set up to help the courts. If you say you don’t want ADR, then you have to be ready to waste your time in court. It is not that the courts deliberately delay your cases, but the courts are overwhelmed by the barrage of cases before them.”

Justice Nyako, who also chaired a session, while commenting on why cases were piling up in court, urged AMCON lawyers to familiarise themselves with the legal procedures before appearing in court.

According to her, if a lawyer handling AMCON case did not follow procedure, the case would not take off.

But to help ease off the pressure, she added that the Federal High Court was trying to establish three more ADR centres in the country for ease of dispensing justice.

She stated, “Once the ADR centres are open, I want to encourage our lawyers to refer some of these AMCON cases to the ADR centres and help decongest the courts.”