AMCON: Between The Law And The Obligors

  The narration in Asset Management Corporation of Nigeria AMCON in the last few years is that of recovery, beyond record keeping template o...

 

The narration in Asset Management Corporation of Nigeria AMCON in the last few years is that of recovery, beyond record keeping template of the pioneer management, to address the growing culture of non payment by Nigerians and  conglomerates various financial commitments to the Banks in form of debts and other financial institutions through borrowings.

But, because of the dynamics of the law an act that established AMCON,there have been a lot of clamour for amendment by the National Assembly to address the present realities, so as not only to better the economy of Nigeria into fast recovery,but enhanced both social and economic security of it's citizens.

A culture of borrowings through the Banks and other financial institutions by customers with deliberate refusal to redeem the pledge of repayment, had been the bane of weak Banking industry in Nigeria and epileptic economy in recent time.

But to nip in the bud,such monotonous situations,the National Assembly has amended it's act, not to only prosecute,both take over properties of debtors, outside those ones pledged as collateral during borrowing.

The totality of the amendment does not stop at acquisition of properties of obligors,but a special court that will try debtors of Banks taking over by AMCON,so as to avoid serial legal encumbrances and delay in the quick disposition and dispensation of cases.

This was evidenced in the current strides were AMCON had taking over properties of top Nigerians, including former Governors,serving/former Senators,Minister's,top public servants, business mogul both in the private and public sectors, running into trillions of naira, that had retarded the growth of the economic,social and infrastructural development of Nigeria.

The position of the law has redoubled the efforts of the present management of AMCON to seize, annexes and possibly sell off such properties to recover monies borrowed from the Banks, and taking over by the corporation as toxic assets.

The new law has putting recalcitrant obligors who ordinarily are reluctant to repayment of loans,or used various Banks and financial institutions as avenue for borrowings and not paying back, on their toes and exposed their levels of insincerity.

No doubt,many accounts of Banks customers/obligors who took loans for some transactions for many years are being liened pending repayment,while those with large portfolios have their properties seized for possible disposition.

Encouraged by the activities of current leadership,body of Senior Advocates of Nigeria SANs has proposed a policy for AMCON to take over all the debts of Bank customers with the Bank and ensured it's recoveries through a specialized courts.

A law that will also assist lenders to customers that will protect not only the Banks but the economy of Nigeria should also take effect,this will discourage Bank borrowers and borrowings.

The positive position will assist AMCON in the recovery of over 5 trillion naira owed by debtors through borrowings from the Banks, without adherence to their obligations.

But, AMCON in a brazen moves and with determination to better the lots of Nigerians, so as to recover the tax payers money is determined to invoke an enabling laws on any Nigerian,entity or conglomerates exposed to the Banks interms of debts,no matter how highly placed,to ensure recovery,as well as an egalitarian society.

With this target by the corporation,Banks in Nigeria will be more reliable and better prepared both for local and International businesses as obtainable and inline with the best practices.

The era of using Bank loans for free lunch is over,as the aggressive recovery drive on the part of AMCON, has put obligors on their toes to meeting their exposures.

The corporation is determined to recover every Kobo from the least to the highest obligors, monies taking over from commercial Banks,so as to return the Banking industry to their past and lost glory.

---Abubakar Yusuf Writes From Abuja.

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ANYIGBALEFT: AMCON: Between The Law And The Obligors
AMCON: Between The Law And The Obligors
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