Federal Government to stop doing business with AMCON debtors

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The Vice-President, Prof Yemi Osinbajo, has said the Federal Government will deal decisively with individuals and organisations that made the list of high-profile obligors of Asset Management Corporation of Nigeria.


He said they had made it impossible for the corporation to resolve its outstanding N5tn debt, thereby holding the entire nation to ransom with their bad behaviour.

Osinbajo, who is the chairman of the Economic Council also disclosed plans by government to set up an inter-agency collaboration framework that would comprise relevant government Ministries, Departments and Agencies supervised by his office to ensure that institutions and individuals that were indebted to AMCON were not allowed to do business with government henceforth.

The Vice-President who spoke when he received some board members and the management of AMCON at the State House, Abuja led by the Board Chairman, Dr Muiz Banire (SAN), said the Federal Government under the leadership of President Muhammadu Buhari, would no longer fold its hands and allowed a few individuals that owed AMCON huge sums of money walk freely on the streets in the country.

He said, “I think the time has come for us (Federal Government) to set some examples with some of these top debtors of AMCON, which I believe will set a good example and serve as deterrent to others.”

In a statement from AMCON, Osinbajo said he was impressed with the performance of the executive management of AMCON under the leadership of Ahmed Kuru, for the recovery successes that had been achieved so far against all odds.


He promised that the Federal Government would give AMCON whatever support that was necessary to enable it pursue the obligors that had remained recalcitrant.

He said, “I congratulate AMCON for the work done so far having recovered over N1tn and counting both in cash and in assets. The work you do as a recovery agency is not something that is particularly easy or encouraging because we all know how Nigeria works.

“But we are committed to working more closely with your administration to ensure that these monies are recovered from AMCON obligors, because it will help our economy and provide the government with more money to continue to improve on the development of infrastructure across the nation.”