President Muhammadu Buhari has approved the establishment of an inter-agency task force that will help the Asset Management Corporation of Nigeria (AMCON) recover loans and other assets it took on six years ago to rescue banks in the country.
Bloomberg report monitored by Business247 in Lagos read: “Debtors who cut across the aviation, banking and oil and gas sectors failed to repay the loans,” the government said in an e-mailed statement on Monday. “Some of them had resulted to court actions, all in their bid to frustrate the loan recovery efforts of AMCON.”
The team, according to the report, includes representatives and the heads from the ministries of Justice and Police, the Economic and Financial Crime Commission (EFCC) the Debt Management Office 9DMO) and Nigerian National Petroleum Corporation (NNPC). The team is expected to assist prosecutors pursuing potential criminal charges, the government told Bloomberg.
Companies that owe money to AMCON were struggling to repay their debts but because of the slowdown in the economy, while the value of its property assets is dropping, Chief Executive Officer of AMCON, Ahmed Kuru was reported to have said in December.
The CEO was reported to have said that was making it more difficult for AMCON to pay off its 5.6 trillion naira ($28 billion) of liabilities, including bonds held by the Central Bank of Nigeria.
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