Mr Wale Edun
FG set to wind down AMCON-Finance Minister
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said on Friday that the Federal Government is working towards ensuring that the Asset Management Corporation of Nigeria (AMCON) winds down as soon as possible.
Edun who state this at his maiden press conference in Abuja to discuss the economic agenda of President Tinubu-led administration noted however that the ability of the corporation to finally close shop after nearly thirteen years of operation would depend on its ability to offset its huge liabilities put at well over N3 trillion.
“On AMCON work is being done to ensure as much as possible that AMCON meets its mandate of winding up in the very near future.
“So, it is a question of financial engineering is a question of making arrangements for snidely taking care of the liabilities. And those responsible include the banking system which has a portion to pay, as well as central bank and other stakeholders,” Edun
Recall that AMCON was established by the Act of the National Assembly of Nigeria in July 2010, with an intended 10 years lifespan but the corporation has till date, recovered just about N1.6 trillion out of in its N4.664 trillion accumulated liabilities on well over 10 years of existence.
According to reports, AMCOM Managing Director Ahmed Koru was recently reported as haven confirmed that the corporation still has a long way to go out of the total of N4.664 trillion liability burdens in terms of cash and sale of assets.
According to him, about 350 obligors account for N3.957 trillion, which is above 84 per cent of the total outstanding amount.
“Some recalcitrant obligors have found new tricks of colluding with a third party who would present himself as the owner of the traced assets and file for the Order of Court to be set aside,” Koru had stated.
