The Chief Judge of the Federal High Court, Justice A.A. Kafarati has impressed on the judiciary the need to step up efforts aimed at aiding the recovery of the over N5trillion Asset Management Corporation of Nigeria (AMCON)’s debts.
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AMCON is saddled with the task of recovering over N5trillion owed by recalcitrant obligors as the sunset date of the corporation draws closer. The development has led the management led by Ahmed Lawan Kuru, Managing Director/CEO to switch its recovery strategy to more of enforcement.
Justice Kafarati who spoke at the weekend during the opening of the AMCON 2019 annual seminar for Judges of the Federal High Court, which was organised in collaboration with the National Judicial Institute (NJI) at Rose Ukeje Hall, Federal High Court Complex, Abuja reiterated the fact that AMCON’s success at recovering the outstanding huge debt would to a large extent depend on the cooperation AMCON receives from sister agencies as well as critical stakeholders especially the judiciary since most of the cases of AMCON and its obligors end up in court.
Kafarati who was represented at the event by Justice J.T. Tsoho, said, “AMCON is a paramount feature of the financial system stability in Nigeria. AMCON sets out to accomplish this critical objective of stabilising the macro economy by off-loading toxic assets from the balance sheet of banks. It must be made clear that AMCON cannot be the only panacea for resolving all banks failures or all other issues in the financial system, as it is only one of the critical partners or components of the financial safety arrangement responsible for the promotion of financial system stability.
“The success of AMCON therefore in the discharge of its mandates would, to a large extent be enhanced if other safety net players and stakeholders, which include the judiciary would effectively play their respective roles. I am particularly pleased that AMCON has recognised the judiciary as an important stakeholder, which has a critical role to play in the sustenance of financial integrity in Nigeria.”
Justice Kafarati reminded the participants that the federal high court should actually do more to support AMCON recovery drive since the court has the unique constitutional responsibility and exclusive jurisdiction in respect of all AMCON matters.
Earlier in his remarks, the AMCON boss told the judges that the corporation had always emphasised that the huge portfolio of AMCON debt is not its problem as an entity, but a national debt, which if allowed to crystallise will portend serious negative economic and social consequences for the entire nation.
AMCON he said is constantly under the observation of international monetary institutions and have entertained visits and inquiries from the World Bank and the International Monetary Fund (IMF) with respect to our strategies for resolving the over N5trillion or $14billion USD debt held in AMCON portfolio, which of course AMCON would not want to be a drain on the federal budget.
According to Kuru, “In April this year, the IMF released its Country Report No. 19/92 where it recognized the Central Bank of Nigeria (CBN) as AMCON’s main creditor and that the AMCON debt creates additional contingent liabilities for the federal government. This underscores the need for a serious concerted effort by all relevant stakeholders, especially the judiciary towards achieving the most effective loan workout option.”
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