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All banks’ debts must be repaid, says AMCON


The Asset Management Corporation of Nigeria, AMCON, has reiterated its commitment to ensuring that all debts owed to banks in Nigeria are repaid and that it would not relent until every indebtedness is repaid, irrespective of the individuals involved.

AMCON, in a statement made available to Vanguard, however, admitted that there was a fault in the debtors list that was published by some newspapers last week.

According to AMCON, in line with its statutory objective, it is committed to ensuring that every indebtedness that had culminated in the hitherto unhealthy state of the Nigerian banking industry is repaid irrespective of the personalities involved, and this policy is critical to the attainment of this objective.

On the discrepancies in the debtors’ list, AMCON explained that the Central Bank of Nigeria, CBN, had last week barred major banks’ debtors, comprising 113 companies and 419 directors/shareholders from enjoying further credits from banks in the country.

However, AMCON said that given changes that had occurred during the intervening period, certain names which ought not to have been on the list were circularised to the banks.

It stated that it has identified these names and have recommended to the CBN that they be removed accordingly, adding that it will continually update the debtor’s list whenever concrete settlements are reached.

According to AMCON, at date of transmission to the CBN, this list was accurate. However, there have been changes to the debt positions of few specific debtors to AMCON due to restructuring and/or repayments. The Corporation explained that since the list came out, there have been negotiations with debtors on the matter.

“We refer to the circular recently issued to banks by the CBN on the prohibition of further credit facilities to debtors whose accounts have been assigned to the AMCON”.

“In reaction to objections raised by specific debtors and the need to make our position clear on the subject, AMCON confirms that it supplied the list of its debtors to the CBN in the course of its compliance with due administrative regulation,” the statement said.


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