No more room for negotiation with debtors – AMCON

The Assets Management Company of Nigeria (AMCON) has said that there will be no more room for negotiation with debtors.

AMCON is now set for a new stage, which is complete assets takeover.

The company’s Managing Director and Chief Executive Officer, Ahmed Kuru, disclosed this in an interview with NAN on Sunday.

Kuku said that AMCON had got tired of obligors (debtors) coming to their office and telling lies about wanting to embark on a staggered payment, which they end up never paying.

According to him, in the seven years of AMCON’s operation, the company had only been able to recover N700billion, as there was still a debt portfolio of N5.4trillion pending.

“Resolutions through staggered plans have never worked. Let us not forget that before those loans were transferred to AMCON, they have been with the banks for over five years.

“Now, AMCON is almost seven years, so the facility has been running bad for 12 years. It is not easy to recover those kinds of facilities.

“So now we have changed our strategy from sitting down and drinking tea and the obligors telling us lies and we pretend that we don’t know you are telling us lies.

“There is no more time for lies because we have a sunset period, so now our focus is on recovery. We do not want to hear anything, you cannot come and tell me you are going to pay me in the next six years, I do not have that time.

“If you cannot pay me the money now then give me my assets because the assets belong to AMCON so that we can sell it,” Kuku said.

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