The Asset Management Corporation of Nigeria has read the riot act to all its debtors and other obligors to pay up or it will use its special statutory powers under the AMCON Act to recover all the debts and the accrued interests.

A statement made available to our correspondent on Wednesday urged debtors and other connected obligors to disabuse their minds of any erroneous notions that such debt obligations would not be vigorously pursued by the corporation.

It said in the statement titled, ‘Notice to debtors under loans acquired by the Assets Management Corporation of Nigeria,’ “AMCON hereby gives notice to all debtors and other obligors connected with any such loans, to, forthwith and without further delay, pay up their debts or present a credible restructuring proposal.

“All debtors and connected obligors are further given notice that AMCON shall, without further recourse to them, deploy the full array of its special statutory powers under the AMCON Act to recover the amounts due and outstanding (principal plus accrued interest) in respect of all such loans.”

The debt management company noted that it was under a statutory duty to realise and recover debts owed it, adding, “Debtors and other connected obligors will be well-advised to disabuse their minds of any erroneous notions that such debt obligations will not be vigorously pursued and enforced by AMCON.

“For the avoidance of doubt and contrary to any such patently erroneous notions, AMCON shall discharge its statutory duty dispassionately and exercise the full gamut of its statutory powers to ensure the recovery of all debts owed to it.”

The corporation pointed out that it would focus on loan recovery this year.

It said, “AMCON’s primary focus in 2011 was in assisting with financial system stability by the recapitalisation of hitherto weak banks and the de-risking of the books of Nigerian banks in accordance with its primary functions and objects under the AMCON Act.

“AMCON will focus in 2012 on the most critical statutory imperative of recovering and realising debts owed to it in consequence of its statutory acquisition of non-performing loans from Nigerian banks.”

Already, AMCON has engaged 70 professional valuers to determine the appropriate values of assets and properties of borrowers transferred to it through loan purchase agreements with the banks.

Source: Punch/Ademola Alawiye