AMCON set to publish names of 7, 912 debtors as deadline expires

The Asset Management Corporation of Nigeria (AMCON) says it will publish the names of 7,912 debtors owing a total of N4.4 trillion

Last year, the Corporation had issued a 30-day ultimatum for debtors to regularise their debt status in response to the directive of the Senate.

The ultimatum is due Wednesday (today), January 5, 2021.

In April 2021, the senate passed the AMCON amendment bill to strengthen the agency in loan recovery.

The amendment bill empowers AMCON to, amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular.

Jude Nwauzor, AMCON’s spokesperson, said debtors who were yet to provide a repayment proposal risked having their details published in the media after the 30-day grace period given by the national assembly.

The corporation said it has no choice but to obey the directive of the national assembly asking it to publish the names of debtors who have refused to repay their loans, according to a report by The Punch.

“AMCON has taken the decision to publish already. The decision has been taken already. It is a directive from the National Assembly,” he said.

“As a responsible corporate citizen, this was why we published an advertorial to warn all the entities concerned that their names will be published at the expiration of the ultimatum.

“The one month grace period will be expiring on January 5, 2021.”

According to AMCON, 12,743 non-performing loans inherited by the agency, 4,831 debtors have settled their indebtednesses, leaving a total of 7,912 outstanding debtors. Nwauzor said that some debtors had already approached the agency to avoid embarrassment.