The Asset Management Corporation of Nigeria (AMCON) has highlighted the significant difficulties it faces in recovering outstanding debts, as some debtors remain unwilling to pay.
The AMCON Head of Corporate Communications Department, Mr. Jude Nwauzor, noted that some debtors misused the loans they obtained, failing to apply them for their intended purposes.
He stated that while thousands of Nigerians and companies had met their obligations, AMCON continues to face resistance from several debtors who refuse to settle their debts without contention.
Nwauzor acknowledged that debt recovery is never a straightforward process, and that some obligors go to great lengths to tarnish the reputations of AMCON staff and management.
He urged stakeholders, including the media, to recognize the national importance of AMCON’s debt recovery mandate, stressing that the corporation is currently owed over four trillion Naira.
“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’ money 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,” he said.
Nwauzor further asserted that such debtors have contributed to weakening Nigeria’s economy.
He called on the media to take an active role in advocating for loan repayment, describing the press as the mirror of society.
“The management of AMCON is convinced that a deeper collaboration between AMCON and the media will deliver positive dividends for the country.
“We believe that when these obligors, who own some of the private jets you see at our airports, are challenged by the media, they will not be as bold and audacious as they have become,” Nwauzor said.
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