Shocking: Ministers and Lawmakers are Behind Nigeria's N5trillion Debt - AMCON

The Managing director of the Asset Management Corporation of Nigeria (AMCON) Ahmed Kuru has shared a shocking and worrisome situation message to Nigerians as chronic debtors that are behind the over N5trillion debt burden are ministers and members of the national assembly.  

He said that these persons he termed 'obligors' 'debtors' still manipulate their way to emerge as members of the national assembly, ministers, chairmen and women of big organisations and pro-chancellors of universities. 

“Sadly, these are the calibre of people we respect in Nigeria but these people are not role models. How can you be a role model when you cannot honour a simple obligation?” he said.  

That is why I have been consistent in the call for the return of the failed bank act. The way we are handling the issue in the country suggests that we are encouraging a lot of financial rascalities.

“These are men and women who go to banks borrow monies with no intention to pay and in the process bring down banking institutions. It takes a lot for a bank to fail. AMCON just rescued Skye Bank with an investment of nearly N1 trillion.

As AMCON, we have no power to arrest these ‘powerful’ people as we depend largely on judicial processes to recover and we all know the slow pace of judicial processes. We now want to go a step further by working with the ICPC and the EFCC, which will enable us to go investigate the credit processes.”