February 23, 2025
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Managing Director/CEO Asset Management Corporation of Nigeria (AMCON), Ahmed Lawal-Kuru has said unequivocally that gone are the days when big men evaded their debt repayment obligations due to protection from people in authority as the present administration would not interfere in any matter relating to debt recovery irrespective of person involved.

Kuru made the clarification while fielding questions from journalist in Lagos on how the corporation sidestepped odds to recover N300bn from non-performing loans owed commercial banks in the country by those considered untouchable and powerful in the society.

Kuru said that the present administration of President Muhammadu Buhari has demonstrated and proven that there is no ‘big man’ anywhere; hence nobody has interfered with AMCOM’s recovery drive.

When asked how the corporation manages the egos of big men in recovering    outstanding debts owed to the banks,  he has this to say “Well, this administration has proven that there is no ‘big man’ anywhere. I can tell you, with utmost sincerity that nobody has interfered in our work”.

Kuru explained further that In spite of the fact that 350 of AMCON’s obligors account for more than 80 percent of its outstanding N5.4 trillion loan portfolios, most of the obligators are concentration of big men. According to him “And when I say ‘big men,’ I mean ‘big men’. But it has not stopped us from doing our job. The only thing they could do, sometimes, is to personalize the issues; try to threaten us; make a lot of noise; go to court; get all manners of injunctions. But with this administration, anywhere they go to, the question they ask them is, ‘have you borrowed?’ ‘Go and talk to AMCON” he said confidently.

 

He said that the enabling laws that established the corporation absolved it from getting involved with obligators as the corporation is  a recovery intervention agency and not a bank, insisting that  loan defaulters either are  willing to pay or relinquish the assets to AMCON  to sell and recover the  debts.

He said that when borrowers go to take loans from the commercial banks they pledged collaterals and security. So the willingness to pay is backed by the collateral. “If you are willing to pay and you don’t have cash, the honourable thing to do is to relinquish the assets and say, take it” he concluded.

 

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