BY Nkiruka Nnorom

Asset Management Corporation of Nigeria, AMCON, yesterday, described as false, claims by the House of Representatives that the settlement of about N140.91 billion debt owed the Corporation by oil magnate, Mr. Femi Otedola, was shrouded in secrecy.

Mr. Mustapha Chike-Obi, Managing Director/CEO, AMCON, told Vanguard that the corporation had restructured and recovered loans worth about N1 trillion since 2010, when it was inaugurated.

Though the AMCON Act permits it to carry out transactions without recourse to anyone, except the Central Bank of Nigeria, CBN, which regulates its activities, the AMCON chief executive said he was ready to lay bare the details of their transactions with Otedola if asked.

He said the House of Representatives never consulted him before arriving at its conclusion, adding, “I reject it. I reject that term secret. AMCON had a proper and clear process for restructuring loans.

“It is not secret. All the policies were approved by the board and Femi Otedola’s transaction went through a very rigorous and transparent process that we are very proud of and we can defend anywhere.