We won’t bow to sponsored media attacks – AMCON

The Asset Management Corporation of Nigeria (AMCON) says it will remain resolute in its pursuit of debtors who owe the government and Nigeria’s taxpayers over N5trillion, adding that it won’t succumb to sponsored media attacks. In a statement Tuesday by AMCON’s head of Corporate Communications, Jude Nwazor, the agency said “It is scandalous that some […]

The Asset Management Corporation of Nigeria (AMCON) says it will remain resolute in its pursuit of debtors who owe the government and Nigeria’s taxpayers over N5trillion, adding that it won’t succumb to sponsored media attacks.

In a statement Tuesday by AMCON’s head of Corporate Communications, Jude Nwazor, the agency said “It is scandalous that some respected media practitioners would allow themselves to be used smear the image of a Corporation that has made, and will continue to make huge recoveries for the Federal Government of Nigeria.”

The statement read, “For the records, AMCON to date has made recoveries in the sum of N1.9trillion – of the total recovery, cash recovery represents 43%, sale of four bridged banks 13.3%, sales of proprietary shares 11%, claw back & repurchases 9.5%, asset sales & rentals 9.4%, investment income 7.2%, proprietary assets (unsold) 3.1% proprietary shares (unsold) 3.1% and divestment from portfolio 0.3%.

“No amount of smear media attacks or campaigns of calumny can change these verifiable facts. It is also important to state that most of AMCON’s recovery activities are done transparently through the Courts, particularly when all peaceful resolution efforts have collapsed.

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“AMCON currently has approximately 1,865 cases in the different Courts – the Federal High Court, the Appeal Courts, and the Supreme Court. These cases are against recalcitrant obligors who would rather spend money sponsoring ready-for-hire media platforms, and writers to attack AMCON than repay their debt.

“Let it be stated categorically that in as much as AMCON will not join issues with any writer and sponsors of any scandalous article against the Corporation, the public should know that AMCON will not be deterred in its debt recovery mandate,” AMCON said.