The Asset Management Corporation of Nigeria (AMCON) is facing significant challenges in recovering over N4 trillion in outstanding debts and has called on the media to play a crucial role in holding defaulters accountable.
Speaking to journalists in Ikeja on Friday, AMCON’s Head of Corporate Communications, Jude Nwauzor, emphasised the need for stronger media involvement, stating that the press serves as society’s watchdog and can help expose high-profile debtors who continue to live extravagantly while refusing to settle their obligations.
He revealed that many debtors, despite owing billions, still own private jets and luxury properties.
He argued that sustained media scrutiny could put pressure on them to meet their financial responsibilities.
Nwauzor pointed out that many debtors misused the funds they borrowed, making the recovery process more difficult. Some, he noted, actively resist repayment efforts, going as far as attempting to tarnish the reputation of AMCON officials.
He also warned that if AMCON fails to recover the outstanding debt, it will become a liability for the Nigerian government, meaning taxpayers will ultimately bear the burden.
“If at sunset AMCON is unable to recover the huge debt of over N4 trillion, it becomes the debt of the Nigerian government for which taxpayers’ money will be used to settle.
The implication is that the general public will be made to pay for the recklessness of only a few individuals,” he cautioned.
According to Nwauzor, the continued evasion of debt repayment by influential individuals is negatively impacting Nigeria’s economy.
He urged all stakeholders to recognise AMCON’s debt recovery efforts as a national priority to prevent further economic harm.
