1.5% Nigerians owe banks N5trn, says AMCON
About 1.5 per cent of the Nigeria population are said to owe banks the sum of N5trn.
The Managing Director and Chief Executive Officer of the *ssets Management Corporation of Nigeria, Mr. Ahmed Kuru, and a judge of the Federal High Court, Justice Mohammed Idris, said this in Abuja on Saturday.
They spoke at the AMCON interaction with Court of Appeal judges. The event which held at the headquarters of the Court of Appeal in Abuja had the theme: ‘AMCON Regime: A paradigm shift in debt recovery.’
“At the moment we owe the Central Bank of Nigeria about N5trn and there are more than 3,000 cases in court as a result of our efforts to recover the funds,” Kuru said.
While fielding questions from justices of the Court of Appeal, Kuru said despite the sweeping powers conferred on AMCON by the corporation’s enabling Act, it had been difficult to recover the debts because many of the cases relating to them in court had been stalled a result of legal technicalities deployed by debtors’ lawyers.