AMCON says taxpayers may bear burden of unrecovered debts

METRO PLUS

Hushpuppi: US court dismisses fraud case against Nigerian, Mr Woodberry

A US court has dismissed a fraud case against a Nigerian accused of cyber-crime, Olalekan Ponle, popularly known as Mr Woodberry.

Four Police officers arrested for fleeing kidnap scene of Maku’s niece

Four police officers who failed to stop the kidnapping of Salisu Usman Maku, nephew of former information minister Labaran Maku have been arrested.

54-year-old pastor defiles girl,10, in Ogun

• Teenager remanded for alleged rape of minor• Man, 28, rapes 14-year-old girlDaud Olatunji, Abiodun...

Generator fumes kill three Delta kids, carpenter falls, dies

Three siblings have died after inhaling generator fumes in Emevor community, in the Isoko North Local Government Area of Delta State.

Police arrest 60-year-old man for defiling 9-year-old girl in Anambra

Police in Anambra State have arrested a 60-year-old man for allegedly defiling a 9-year-old girl in Nkwelle Ezunaka, near Onitsha.

…Seeks judiciary’s support to recover N5.4tn debt
Ifeanyi Onuba, Abuja

The Asset Management Corporation of Nigeria is seeking the support of the judiciary to recover the over N5.4tn debt owed the corporation by chronic debtors.

The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, said this on Saturday at the  2019 annual seminar for Justices of the Court of Appeal.

The seminar which was held at the Court of Appeal complex in Abuja had as it’s theme, “The amended AMCON Act 2019: A detailed review.”

Kuru said in view of the fact that AMCON is approaching its terminal date, it had become imperative to get the support of the courts in resolving all the pending cases currently before them.

He also told the Justices that more than ever before, AMCON would need the support of the judiciary to resolve the debt obligation before the terminal date.

This, he noted, was imperative based on the conviction that debtors of AMCON are working hard to stretch the corporation to its terminal date.

He explained that if the over N5.4tn debt owed AMCON remain unrecovered, it would eventually become the burden of the Federal Government and by extension Nigerian taxpayers.

He told the Justices that this should not be allowed to happen because currently, those owing these debts are using various technicalities to delay court cases.

He said, “The amendments (of the AMCON Act) was done to recover the loans people took from banks.

“If AMCON is not able to recover the debt, it becomes the debt of the government and when this happens, it is the taxpayers, who will bear this burden of people who were reckless. This should not be allowed to happen.

“We urge you to designate some of the courts for AMCON cases. We urge you to assist in granting accelerated hearing for AMCON cases.”

He said  the different challenges of AMCON in its debt recovery drive, had necessitated AMCON to put machinery in motion and worked with the National Assembly to amend the Act.

The President of the Court of Appeal, Justice Zainab Bulkachuwa, in her opening address at the event, said the concern raised by the AMCON MD is becoming worrisome in view of the fact that recalcitrant obligors deploy technicalities to frustrate the corporation.

She said given the challenges faced by AMCON in its debt recovery efforts, the corporation cannot operate effectively without the sustained support of the courts.

She said, “Indeed, AMCON has demonstrated extraordinary submission and respect to our revered institutions by ensuring that it collaborates with the National Judicial Institute for its programmes with the courts.

“This approach evidences the transparency that is inherent and indispensable in the interface between the Judiciary and the Executive.

“It is compelling to remind you that AMCON has a sun-set date. This time constraint has made it necessary for AMCON to move to the enforcement gear.”

For AMCON to accomplish its target as it approaches the sun-set date, the Appeal Court President said the corporation must be more proactive and ingenious in its approach towards the realisation of its objectives.

“It is therefore beyond doubt that for AMCON to succeed, the support of the judiciary is decisive as the distinguished Judiciary is the last hope of AMCON.”

Sign up to FREE email alerts from Tribunepoint Weekly - Daily News

When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.

- Advertisement -

MOST READ

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

LATEST ARTICLES

Lekki shooting: Why I said forces were beyond my control – Sanwo Olu

Governor Babajide Sanwo-Olu of Lagos State has explained what he meant when he said that ‘forces’ beyond his direct control were to...

End SARS: Buhari presides over NSC meeting

President Muhammadu Buhari is currently presiding over the National Security Council Meeting, NSC, in Abuja.Bashir Ahmed, the President’s...

It’s s no longer about SARS – Seun Kuti reveals why youths are still protesting

Afrobeat musician and activist, Seun Kuti has said that the protests going on across the country is no longer about the Special...

China steps up 5G network, builds 600,000 base stations

China is investing heavily in the 5th generation (5G) mobile network despite fears in some parts of the world.

End SARS: Defense Minister warns protesters

Defence Minister, Bashir Magashi, has warned End SARS protesters against national security breach.He advised them not to allow...