N4trn debt recovery: Help us to expose debtors — AMCON appeals to Media
…Says loans hurting Nigerian economy
The Asset Management Corporation of Nigeria (AMCON) has called on the media to play an active role in exposing debtors as part of its efforts to recover over N4 trillion in outstanding debts.
The appeal was made by AMCON’s Head of Corporate Communications, Mr Jude Nwauzor, during a recent interaction with journalists in Lagos.
Nwauzor urged the press to take a more prominent role in uncovering the activities of high-profile debtors, describing the media as a crucial instrument for ensuring public accountability.
He stated that increased scrutiny by the media could help reveal debtors who continue to evade their financial responsibilities while maintaining extravagant lifestyles.
“AMCON’s leadership firmly believes that a stronger collaboration between the corporation and the media will produce positive outcomes for the nation,” he said.
Nwauzor revealed that many debtors, despite owing billions to AMCON, continue to live in luxury, owning private jets and high-value properties.
He asserted that sustained media attention could discourage such individuals from avoiding repayment.
“We believe that when these debtors — some of whom own private jets seen at our airports — are confronted by the media, they will not be as audacious as they have become,” he remarked.
He emphasised that media coverage could be a powerful tool in compelling debtors to meet their financial obligations. He reiterated that AMCON’s debt recovery efforts should be regarded as a national priority.
Nwauzor also disclosed that some debtors had misused the borrowed funds, further complicating the recovery process.
He noted that AMCON continues to face significant resistance from certain individuals who refuse to settle their debts without legal action.
“AMCON’s leadership understands that debt recovery is rarely straightforward. Some debtors will go to great lengths to damage the reputations of AMCON staff and management,” he stated.
While acknowledging that some debtors had fulfilled their obligations, Nwauzor stressed that many remained defiant.
He warned that if AMCON fails to recover the outstanding debt, the financial burden will ultimately fall on the federal government and, by extension, the Nigerian taxpayers.
“If, at the conclusion of AMCON’s operations, the corporation is unable to recover the N4 trillion debt, it will become a liability for the Federal Government of Nigeria, requiring public funds to cover the shortfall.
“The result is that ordinary citizens will be forced to bear the cost of the financial irresponsibility of a few individuals,” he cautioned.
He further asserted that such debtors had caused significant harm to Nigeria’s economy through their actions.
