The Asset Management Corporation of Nigeria is set to publish the names of 7,912 debtors owing it a total of N4.4tn, it has been learnt. The move follows the expiration of the 30-day ultimatum given by the National Assembly to debtors to regularise their debt status with the bad debt manager.  The one month notice elapses on Wednesday (today), January 5, 2021.

Sources at the agency say it has no choice but to go ahead and obey the directive of the National Assembly asking it to publish the names of debtors who have refused to repay their loans.

The spokesperson for AMCON, Mr Jude Nwauzor was quoted as saying that debtors who were yet to provide a repayment proposal risked having their details published in the media after the 30-day grace period given by the National Assembly.

He said, “AMCON has taken the decision to publish already. The decision has been taken already. It is a directive from the National Assembly. As a responsible corporate citizen, this was why we published an advertorial to warn all the entities concerned that their names will be published at the expiration of the ultimatum. The one month grace period will be expiring on January 5, 2021.”

According to the corporation, out of a total of 12, 743 non-performing loans inherited by the agency, 4, 831 debtors have settled their indebtedness, leaving a total of 7,912 outstanding debtors.

AMCON confirmed that the agency would be publishing the names of 7,912 debtors owing the agency N4.4tn at the expiration of the deadline.

Emphasising why the agency would go ahead to publish the names of the debtors, Nwauzor said, “If you recall that before we went for the Christmas holiday, the National Assembly asked us to publish a list of debtors. However, the management of AMCON felt that to avoid a situation whereby people would say we took them by surprise, there was a need to do an advertorial. That was why we put adverts to warn that after the expiration of the deadline, the names would be published. We bought 12,743 loans, but as of now, about 4,831 have been resolved. The outstanding is now7, 912.  These outstanding debtors owe us N4.4tn.”

AMCON, it was learnt, had finalised arrangements to publish the complete list of individuals, and institutions on its non-performing loans portfolio in the national dailies.

The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Uba Sani, had, in early December, directed the corporation to publish the names of all debtors, including popular Nigerians as the government stepped up efforts to drive debt recovery.

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