The Asset Management Corporation of Nigeria (AMCON) has recovered over N2.1 trillion debts since it was created.
This is just as the agency disclosed that some of its debtors owe nearly N5 trillion.
Head of Corporate Communications, Jude Nwauzor, disclosed this at a press conference in Lagos.
He noted that the recoveries were made in spite the agency’s many challenges.
Nwauzor disclosed that the corporation currently has over 2,000 cases in court.
He decried that many of the debtors do not use the money they borrow for the purposes for which they got them.
Speaking on the indebtedness of Arik Air Limited (in Receivership) and its owner, Sir Johnson Arumemi-Ikhide, to AMCON, he reaffirmed the agency’s commitment to recovering the N227.6 billion owed by Arik Air Limited (in Receivership) and its founder, Sir Johnson Arumemi-Ikhide, amid ongoing legal battles and allegations of mismanagement.
While lamenting that obligors often run to the media with some skewed narratives in their desperation to make AMCON look bad, he stated that “The point remains that these are debtors who have contributed to killing the Nigerian economy. The media must not allow them to eat their cake and have it.”
He said AMCON’s management is convinced that a deeper collaboration between AMCON and the media will deliver positive dividends for the country.
Nwauzor said that while several thousands of Nigerians and Nigerian companies have honoured their obligations, AMCON has continued to face resistance from a number of debtors who are unwilling to pay without a fight.
According to him, one of these debtors is Arik Air Limited (in Receivership), an airline company owned by Sir Johnson Arumemi-Ikhide, who is also the promoter of Rockson Nigeria Limited (a power infrastructure company), Ojemai Farms Limited, and Ojemai Investment Limited.
“These companies’ debts were transferred by various banks to AMCON due to their non-performance, with a total indebtedness of N455,171,764,772.80 billion as of December 31, 2024.
“Arik owes AMCON N227,637,469,394.34 billion; Rockson Engineering N163,502,837,397.75 billion and Ojemai Farms N14,031,457,980.71 billion,” he stated.
Nwauzor reiterated that no matter the smear campaign that the debtor is sponsoring against AMCON, these debts must be recovered one way or the other.
“The leadership of AMCON knows that there is no nice way of recovering debt. For that, obligors go to any length to assassinate the characters of both AMCON staff and management. They malign the name of AMCON and intimidate and harass our personnel with every arsenal at their disposal.
“Repeatedly, AMCON has made the point at every opportunity that all stakeholders, including the media, must view the AMCON mandate as one of serious national importance. If at sunset AMCON is unable to recover the huge debt of over N4 trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle.
“The implication is that the general public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral and legal obligations to repay their debts,” Nwauzor stated.
