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Toxic loans, courts may force AMCON’s burdens on taxpayers

Odds against the Asset Management Corporation of Nigeria (AMCON)’s efforts to dispose of seized assets are growing, a development that could potentially slow down its debt recovery programme.

In the event, the corporation fails to monetise the said assets, the accumulated non-performing loans (NPL), which amounts to N5trillion could be passed on to the Federal Government and ultimately taxpayers, who are already suffering the pangs of soaring public debts.

Managing Director of AMCON, Ahmed Kuru, had said if, at sunset, it is unable to recover the outstanding N5trillion debt the burden will automatically become that of the Federal Government. He added that taxpayers’ money would be used to settle it in the long run. Only about 350 Nigerians are said to have been responsible for 80 per cent of the toxic debts.

The N5trillion alluded to by Kuru represents the face value of the loans. At the inception of the resolution company, whose initial mandate was for 10 years, the Central Bank of Nigeria (CBN) issued an N1.7trillion bond to buy toxic assets.

Source The Guardian: https://guardian.ng/news/toxic-loans-courts-may-force-amcons-burdens-on-taxpayers/


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