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AMCON Patners EFCC Against Bank Staff Who Facilitated Bad Loans

BEVERLY HILLS, August 04, (THEWILL) – The Asset Management Corporation of Nigeria (AMCON) says it is collaborating with the Economic and Financial Crimes Commission (EFCC) to go after bankers who facilitated the huge non-performing loans in AMCON’s portfolio.

AMCON made this known in a statement after a meeting with the management of EFCC saying the decision was for both agencies to consolidate on the gains in the areas of investigating, prosecuting and compelling all obligors of AMCON to recover N4.6 billion from debtors

“The agencies are planning to revisit, reinvestigate and duly prosecute such banks and the responsible officials,” the statement read.

“In appropriate circumstances, these bankers would also be called upon to account for their roles in granting these questionable facilities.”

In his speech, Ibrahim Magu, EFCC acting Chairman, said both agencies had “very tough, overwhelming and challenging” assignments, adding that he was happy that AMCON, under Ahmed Kuru, is doing everything to confront debtors.

Magu revealed that the EFCC had established an AMCON desk so that AMCON related cases are attended to quickly and assured that the number of personnel on the desk would be increased if need be.

He affirmed that some of those obligors “who took loans without the intention of paying back” did not envisage that someday an agency like AMCON would come knocking on their doors seeking to recover the loans, condemning the impunity with which the transactions were carried out.

Magu, therefore, urged Kiru to ensure justice in all cases and reaffirmed EFCC’s support.

Responding, Kuru thanked the EFCC boss for creating the unit that has led to several recoveries saying that since the establishment of AMCON, it has acquired debts from 22 banks worth N3.7 trillion and provided financial accommodation to 10 banks of about N2.2 trillion.

According to Kuru, AMCON still has about N4.6 trillion worth of unresolved loans,which represents 75% of Nigeria’s budget adding that failure to resolve the debts would have serious implications for the country.