President Muhammadu Buhari is currently mopping up funds and plugging wastage from wherever possible.
He had directed Ministries, departments and Agencies to plug loopholes.
Enters the Asset Management Corporation of Nigeria.
AMCON has recorded success in recovering funds owed it by businesses.
AMCON was created to be a key stabilizing and re-vitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.
Companies who took bank loans and defaulted were bailed out by AMCON in the sense that AMCON absorbed their debts with the hope that these companies will pay back.
Many refused to pay.
Nudged on by President Buhari, AMCON has so far retrieved a whooping N644 billion naira!
According to AMCON’s Managing Director, Mr. Ahmed Kuru, “We have so far collected cash of about N644 billion.
“We have also settled 56 percent of the total debt N3.7 trillion.
“Settled doesn’t mean money in pocket.
“Like I told you, the challenge is from within, the framework is a bit faulty.
“You can’t say that you are taking somebody’s liability, and this person’s business has failed, totally failed in the commercial bank, and you are giving the commercial bank liquidity.
“We always tell them that we are not quarreling with anybody.
“If I tell you that there is somebody who can put N10 billion on the table today, I’m lying.
“But I believe that there are people that can tell me how they intend to pay the 50 billion, the 100 billion, and the 150 billion outstanding debts.
“Some of these guys, you see the lifestyle (they live), the moment you tell them to come and pay our money, it become a problem.
“So we understand these things.
“They go to the press and I want to tell you that there is nothing personal.
“Some of them would write that they don’t owe.
“I can’t wake up in the morning and say come and pay me N10 billion; there must be basis.
“If I believe that you are not owing me anything, and I go to court, and say court help me collect this money, there must really be something wrong with me.
“I can tell you that our recovery process is very vigorous, AMCON doesn’t wake up one fine morning and go to court.
“We must have given these people it for the last five to six years, but the last resort is the court; that means we must have exhausted all manner of mediation.
“Going to court is very expensive, and we also don’t like the bad publicity.”
Kuru further explained that “The most important thing, like we always tell our debtors is; come and talk to us.
“We are supposed to help them, we are supposed to support them.
“AMCON is not out to come and kill businesses.
“We are to support businesses, and we have record to show businesses that we have supported and we have continued to support.
“We are supposed to be the economic catalyst, we are supposed to help with the economy.
“That is why we always advice that let us understand what the issues are, so we can work together, because with 12,700 accounts, it is a basket where opportunities can come up.