The Asset Management Corporation of Nigeria (AMCON) has said that it will invoke its special statutory powers under the AMCON Act to recover all its debts, including the accrued interests.
In a statement made available to LEADERSHIP yesterday, AMCON warned that debtors should disabuse their minds of any illusion that the corporation would handle the issue of debt recovery with kid gloves, saying that it was prepared to put the assets of non-compliant debtors on sale in due course.
The statement reads in part, “All debtors and connected obligors are further given notice that AMCON shall, without further recourse to them, deploy the full array of its special statutory powers under the AMCON Act to recover the amounts due and outstanding (principal plus accrued interest) in respect of all such loans.
“Debtors and other connected obligors may wish to note that AMCON is under a mandatory statutory duty to realise and recover debts owed to it. Accordingly, debtors and other connected obligors will be well-advised to disabuse their minds of any erroneous notions that such debt obligations will not be vigorously and enforced by AMCON.
For the avoidance of doubt and contrary to any such patently erroneous notions, AMCON shall discharge its statutory duty passionately, and exercise the full gamut of its statutory powers to ensure the recovery of all debts owed it.”
AMCON had invested N3.14 trillion in the purchase of non-performing loans and recapitalisation of banks. With the banks’ debts taken over by the corporation, it had taken over the assets of the borrowers used as collaterals spread across the length and breadth of the country.