Justice Nnamdi Dimgba of the Federal High Court in Awka Division has thrown his weight behind the setting up of the Asset Management Corporation of Nigeria (AMCON) by the Central Bank of Nigeria and granting the agency some special powers to enable it to recover its troublesome bad debts.
Justice Dimgba made the statement at an interactive session organised by the Legal Academy for Land Registry Officials, Corporate Affairs Commission personnel, AMCON, and other stakeholders in the nation’s capital, Abuja.
He said it is imperative to do whatever it takes within the ambit of the law to ensure that individuals who are holding the collective commonwealth of Nigeria are made to return them to the government through AMCON.
AMCON has current outstanding debt of over ₦4.4trillion owed by a few individuals that obtained loans from financial institutions and did not pay back the loans.
Consequently, the bad loans were sold to AMCON when it was created in 2010. The company was able to recapitalise a good number of the affected financial institutions and stabilised the financial sector.
Meanwhile, the Federal Government through the National Assembly is also thinking of making some amendments in the act establishing AMCON, which gives it some additional powers that would hasten its recovery mandate.