BEVERLY HILLS, January 28, (THEWILL) –Â The Asset Management Corporation of Nigeria (AMCON) says it is pushing hard to recover the N4.4 trillion debts owed the company in failed financial institutions it took over its liabilities.
Head, Corporate Communications Department of AMCON, Jude Nwauzor made this known on Thursday in Enugu.
Nwauzor said, if the company could recover the N4.4 trillion debts, the country would not have any need to borrow for infrastructural development.
“If we can recover the whooping N4.4 trillion within the time frame; we will not be borrowing for our infrastructural developmental needs’’, he said.
On the latest court enforcement on an indebted person’s property in Enugu used as collateral in a failed bank loan, Nwauzor said, AMCON secured “a valid court injunction’’ to take over the property after out-of-court negotiation and settlement failed.
“We simply came to enforce a court order with the court bailiff and policemen attached to him. The enforcement is to take over the landed property used as collateral for taking the failed loan.
`’AMCON has nothing to do with a school or shutting it down, as the school and its pupils are still going about their normal learning and other human activities.
“AMCON does not deal with educational institutions, health institutions and religious organisations since these are institutions of public interest. So, as we speak, the school is open and academic activities are ongoing”, he said.
Recall that the property where the school is located belongs to Ferdinand Property Investment Limited.
Several years ago, Ferdinand Property Investment Limited obtained a loan from UBA Plc, giving Corporate Guarantee in respect of the US$2.9 million AfDB loan granted to Ferdinand Oil Mills Limited in 1989.
Since the loan remained unliquidated, AMCON acquired it, following which the order and originating processes were served on the school on July 16, 2016, but the school pleaded to be given time to enable them to arrange how to settle AMCON.
