By Gabriel Omoh

ABUJA – The Asset Management Corporation of Nigeria, AMCON, yesterday, read the riot act to all its debtors and other obligors to pay up, threatening to deploy its special statutory powers under the AMCON Act to recover all its debts including the accrued interests.

In a statement, AMCON advised debtors and other connected obligors to disabuse their minds of any erroneous notions that such debt obligations will not be vigorously pursued and enforced by the Corporation.

It said: “In furtherance of the above stated intent, AMCON hereby gives notice to all debtors and other obligors connected with any such loans, to, forthwith and without further delay, pay up their debts or present a credible restructuring proposal.

“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 pursued and enforced by AMCON. For the avoidance of doubt and contrary to any such patently erroneous notions, AMCON shall discharge its statutory duty dispassionately, and exercise the full gamut of its statutory powers to ensure the recovery of all debts owed to it.”

Entitled “Notice to Debtors Under Loans Acquired by The Assets Management corporation of Nigeria,” the statement urged debtors and connected obligors in doubt as to channels through which to effect payment, to contact the Office of the Executive Director, Credit & Restructuring at either our Lagos or Abuja offices.”