{"id":116184,"date":"2021-12-04T06:21:57","date_gmt":"2021-12-04T05:21:57","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=116184"},"modified":"2021-12-04T06:23:45","modified_gmt":"2021-12-04T05:23:45","slug":"powerful-nigerians-frustrating-amcons-efforts-to-recover-n4-4trn-loans-senate-panel","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/12\/04\/powerful-nigerians-frustrating-amcons-efforts-to-recover-n4-4trn-loans-senate-panel\/","title":{"rendered":"Powerful Nigerians frustrating AMCON&#8217;s efforts to recover N4.4trn loans &#8211; Senate panel"},"content":{"rendered":"<p>The senate committee on banking, insurance and other financial institutions has disclosed that some prominent Nigerians are frustrating the recovery efforts of Asset Management Corporation of Nigeria (AMCON).<\/p>\n<p>The committee also lamented the negligence of prominent Nigerians to recover N4.4 trillion owed the organisation.<\/p>\n<p>This was stated on Friday by chairman of the senate committee, Uba Sani at stakeholders symposium on \u201cConsolidating the effectiveness of the asset recovery model adopted by <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/11\/20\/amcon-reports-1000-chronic-debtors-owing-n3-96tn-to-national-assembly\/\">AMCON<\/a>\u201d held at Zuma rock resort, Niger State.<\/p>\n<p>According to Sani, the journey has not always been smooth for AMCON, stating that the\u00a0organisation\u00a0has been at the receiving end of well-laid and orchestrated acts of economic sabotage.<\/p>\n<p>\u201cFrom the N4.4 trillion we are trying to recover, about 350 people in this country are responsible. This is about 83 per cent of the debt,\u201d he said.<\/p>\n<p>\u201cThis is very worrisome. This means that powerful Nigerians are the ones not willing to pay these loans. They have been employing different strategies and tactics to stall the repayment of loans running into trillions of Naira.<\/p>\n<p>\u201cA lot of highly placed Nigerians are not willing to support AMCON because most of those people are the ones that have taken this money from the banks, and of course, you know the government came in to set up Amcon to safe banks from getting down.<\/p>\n<p>\u201cBut unfortunately, from what is happening, AMCON is finding it very difficult because those people are highly placed Nigerians, they try to frustrate AMCON\u2019s effort through the judiciary, and that is what we are looking.\u201d<\/p>\n<p>Sani also assured the agency that his committee with other relevant committees of the senate would do everything within their power to assist AMCON in recovering the N4.4 trillion owed to the company.<\/p>\n<p>\u201cIt is taxpayers money which the government used to bail out banks; of course, to try to support the financial sector not to go down,\u201d he added.<\/p>\n<p>\u201cUnfortunately, they are facing a lot of frustration. We will do our best in the interest of our country and protecting the economy of this country and to support AMCON to succeed.\u201d<\/p>\n<p>Ahmed Lawan Kuru, managing director AMCON, during his speech, commended President Muhammadu Buhari for passing AMCON 2021 Amendment Bill into law, adding that it would enhance the corporation\u2019s recovery powers in many aspects.<\/p>\n<p>Kuru said: \u201cthe corporation has so far recovered over N1.4 trillion, which comprised of; cash N665 billion, property forfeiture N278 billion, disposed of assets N141 billion, share forfeiture N139 billion and other strategic assets N207 billion.\u201d<\/p>\n<p>He further said that the judiciary must be encouraged to respect the provisions of the law that required them to fast track cases before them and issue a certificate of judgement on property.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The senate committee on banking, insurance and other financial institutions has disclosed that some prominent Nigerians are frustrating the recovery efforts of Asset Management Corporation of Nigeria (AMCON). The committee also lamented the negligence of prominent Nigerians to recover N4.4 trillion owed the organisation. This was stated on Friday by chairman of the senate committee, [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":59149,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[596,24160,7414,6116],"class_list":["post-116184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-amcon","tag-powerful-nigerians","tag-senate-panel","tag-uba-sani"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Powerful Nigerians frustrating AMCON&#039;s efforts to recover N4.4trn loans - Senate panel<\/title>\n<meta name=\"description\" content=\"The senate committee on banking, insurance and other financial institutions has disclosed that some prominent Nigerians are frustrating the recovery efforts of Asset Management Corporation of Nigeria (AMCON).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/12\/04\/powerful-nigerians-frustrating-amcons-efforts-to-recover-n4-4trn-loans-senate-panel\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Powerful Nigerians frustrating AMCON&#039;s efforts to recover N4.4trn loans - Senate panel\" \/>\n<meta property=\"og:description\" content=\"The senate committee on banking, insurance and other financial institutions has disclosed that some prominent Nigerians are frustrating the recovery\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/12\/04\/powerful-nigerians-frustrating-amcons-efforts-to-recover-n4-4trn-loans-senate-panel\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-04T05:21:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-04T05:23:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/07\/ify_davies\/2021\/07\/16\/Floor-of-the-senate.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"420\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@OChocomilo\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sodiq Lawal Chocomilo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/12\\\/04\\\/powerful-nigerians-frustrating-amcons-efforts-to-recover-n4-4trn-loans-senate-panel\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/12\\\/04\\\/powerful-nigerians-frustrating-amcons-efforts-to-recover-n4-4trn-loans-senate-panel\\\/\"},\"author\":{\"name\":\"Sodiq Lawal Chocomilo\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/db8593431a99b3751c40316ba4b4a452\"},\"headline\":\"Powerful Nigerians frustrating AMCON&#8217;s efforts to recover N4.4trn loans &#8211; 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