By Kayoede Tokede,

In a renewed strategy to recover a whopping total debt obligation of over N4.6 trillion owed Asset Management Corporation of Nigeria (AMCON) by recalcitrant debtors across the country, AMCON yesterday met with the Economic and Financial Crimes Commission (EFCC).

The purpose of the meeting, LEADERSHIP Friday gathered, was for both agencies to consolidate on the gains of their relationship, especially as it borders on investigating, prosecuting and compelling all obligors of AMCON in accordance with the relevant statutes.

The meeting between the two government agencies led by AMCON managing director/chief executive officer, Mr. Ahmed Kuru and EFCC’s acting chairman, Mr. Ibrahim Magu resolved to take another look at some banks and their officials that were instrumental to the abuse and violation of internal processes that led to the huge non-performing loans in AMCON’s portfolio.

The agencies are planning to revisit, reinvestigate and duly prosecute such banks and the officials involved.

The EFCC acting chairman who welcomed the AMCON boss and his team described the assignments of both agencies of government as “very tough, overwhelming and challenging”.

Magu, however, said he was happy that AMCON under Kuru is doing everything within its mandate to confront the obligors with all the risks involved in the process of doing so.

He said it was for this reason that EFCC established AMCON desk with dedicated EFCC officials who ensure that all AMCON related cases in EFCC receive speedy attention.

Magu assured Kuru that the AMCON Desk at EFCC will continue to be functional adding that the EFCC is willing to increase the number of personnel on the desk if so required and would be willing to establish a Lagos branch if necessary to make sure these huge loans are recovered in the interest of the Nigerian economy.

Condemning the impunity with which the transactions were done, the EFCC boss affirmed that some of these obligors “who took loans without the intention of paying back” did not envisage that someday an agency like AMCON will come knocking on their doors, seeking to recover the loans.

According to him, given the similarity in the objectives of both agencies, there is need for joint trainings towards fostering better understanding between AMCON and the EFCC.

While reaffirming the commitment of the EFCC to cooperate and provide the much needed support to AMCON, Magu urged AMCON to ensure that justice is done in all cases because most of the obligors may not have acted alone in their unwillingness to repay, but with the connivance of some of the bank officials whose motive was to cheat the banks ab-initio.

He disclosed that “in appropriate circumstances, these bankers would also be called upon to account for their roles in granting these questionable facilities”.

On his own part, Kuru who thanked the acting chairman of EFCC for graciously receiving the AMCON delegation expressed appreciation for Magu’s passion and cooperation in the collaboration with AMCON toward recovering the enormous bad debts from recalcitrant obligors of AMCON.

While appreciating the immense contribution of the AMCON Desk at EFCC, Kuru who thanked the acting chairman for creating the unit that has led to several recoveries added that AMCON is willing to provide the required support to the AMCON desk at EFCC by providing information, logistics and training to the team to enable them carry out their assignment without hitches.

He also thanked all EFCC staff members who are currently on the AMCON Desk for a job well-done since it was established.

Recounting AMCON’s role in the economy, especially in the banking sector, Kuru also stated that since its establishment, AMCON acquired debts from 22 banks worth N3.7 trillion and provided financial accommodation to 10 banks of about N2.2 trillion.

He observed that despite AMCON’s recovery efforts, the corporation still holds unresolved loans in excess of N4.6trillion which represents about 75 per cent of total national budget.

The MD noted that failure on the part of AMCON to resolve the debts will have far reaching implication for the nation at large.

The AMCON boss who further stated that EFCC and AMCON have similar mandates of ensuring economic stability highlighted some of the challenges militating against AMCON’s recovery efforts including slow judicial process, concealment of assets by the obligors, forged documents and in some instances, collusion between the bankers and the obligors among others.

cc:lalasticlala

http://leadership.ng/2017/08/04/amcon-efcc-collaborate-recover-n4-6trn-debts/

Shebi after they'll want us to believe that Naija has no enough resources

K

over 4trillion?
AMCON must be proactive in preventing bad debt in first place.

omowolewa:
over 4trillion?

AMCON must be proactive in preventing bad debt in first place.

Those debt were discounted and bought over from various banks. AMCON was to realise the debts over a period of time

aolawale025:


Those debt were discounted and bought over from various banks. AMCON was to realise the debts over a period of time

Except AMCON benefits from the bad loans, it's not out of place if they prevent bad loans from inception.

Credit worthiness and ratings should not be left for facilities providers only.

Ok.. that's good



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aolawale025:


Those debt were discounted and bought over from various banks. AMCON was to realise the debts over a period of time

scam, GEJ used Amcon to save his friends and crooked banks. Senator common sense still owes 11bn, his silver bird was taken over, even if sold cannot offset the loan. Nigeria is just a scam and a zoo

Wetin concern us? money that someone will still loot.

okkk

Sniper12:
scam, GEJ used Amcon to save his friends and crooked banks. Senator common sense still owes 11bn, his silver bird was taken over, even if sold cannot offset the loan. Nigeria is just a scam and a zoo

Many rich men you are see established themselves with big loans hanging, forgotten or fraudulently dismissed one way or the other..

what r d career prospects nd employment oppurtunities of a marine engineer in nigeria

effc means every face commit crime

6 ttrrriiilllorrsss!

omowolewa:


Except AMCON benefits from the bad loans, it's not out of place if they prevent bad loans from inception.

Credit worthiness and ratings should not be left for facilities providers only.

CBN oversees the banks. AMCON was set up to handle toxic loans. Having said that, no good credit officer sets out to grant a bad facility. Some risks outside the control of banks and borrowers atimes make loans go bad

Are they collecting from Amaechi?

Are they collecting from Amaechi?

Nagisa:
Former Governor of Rivers state, Rotimi Amaechi has disclosed why he lost $39 million to fraudsters in Rivers state.

The Federal Minister of Transport who at his Senate hearing famously uttered, “I have never taken bribe in my life but if they send a girl to you and you sleep with the girl and do that favour, that means you are corrupt”, said that he lost the money because he was only human and was learning on the job.

Guardian reported about the fraud in 2015, After spending N8.54 billion on a proposed 1,000-bed Adolphus Karibi Whyte Specialist Hospital, the permanent secretary in Rivers State Ministry of Health, Somiari Harry yesterday said there is no physical structure at the site of the project.

Vital documents such as a memorandum of understanding and shareholders’ agreement between the state government and Canadian-based Clinotech Diagnostic and Pharmaceutical Limited, which received the $39.2 million to build the contentious hospital are said to be missing.



Harry told the Justice George Omereji-led commission of inquiry investigating the non-execution of the 15-storey Adolphus Karibi Whyte Specialist Hospital after the payment of $39.2 million (equivalent to N4.6 billion in 2008), to Clinotech, that besides some parts of prefabricated buildings littering around, containers and other equipment, there is nothing at the site of the proposed hospital to justify the huge amount the state government paid to the contractor.



According to him, the concept was for the hospital to provide world-class medical services in Port Harcourt. He said the estimated cost of the project was $98 million and based on this a memorandum of understanding and shareholders agreement were signed by the parties, which required that the state government would provide 40 percent of the funding, while Clinotech would provide 60 percent.

According to him, state government paid off its own 40 percent equity valued at $39.2 m (N4.6 billion) at the time to Clinotech, which in turn failed to contribute its own counterpart funding for the project.



Amaechi is seen in this video explaining how his learning on the job cost the people of Rivers state $39.2 million.



https://www.youtube.com/watch?v=1ZxCeF2kugM


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Read more at http://www.herald.ng/lost-39-million-rivers-fund-fraudsters-amaechi/#gIvOId1xl73ij3dp.99

Its about time, all this old ugly men/bad debtors be collecting all the slay queens

Wey the money?

Please show us the money ooooo!!!!!!

These people dey cr**ze somehow o, we've heard now, by the time they achieve their goal, we won't hear again, and the outcome won't be disclosed.

Who cares, that all we hear

Some so called rich people will become homeless.

where is the money?
what we hear is recover recover....

God bless Magu...
God bless Sowore
God bless all those with genuine love to see us greater.

aolawale025:


CBN oversees the banks. AMCON was set up to handle toxic loans. Having said that, no good credit officer sets out to grant a bad facility. Some risks outside the control of banks and borrowers atimes make loans go bad

This is the reality. In business, you have profit and loss. So, it is sometimes out of control of the Lender and borrower alike when loan goes bad because of unseen adverse effect.

Sequel to our exclusive story earlier this month about abandoned oil rigs at the outer Marina in Lagos, Vanguard learnt that the rigs may have been seized by FirstBank of Nigeria Plc for alleged debts of about N25 billion owed by Seawolf Oil Services Limited, owners of the rigs. As a result, the two rigs – Onome and Oritsetimeyin, may not have been abandoned after all, but kept under watch by FirstBank. This is happening as more than 450 workers of the company demand payment of N3 billion allegedly owed them since August, 2013. The DPR claim The unfolding scenario is contrary to the claim by the Department of Petroleum Resources, DPR, the industry regulator, that the two rigs were undergoing repairs. Vanguard’s Sweetcrude in its February edition had reported the unusual presence of the two rigs at the Marina, but the DPR had dismissed it as not ‘being out of place.’ Even now, the industry regulator has not the faintest idea why the rigs are at the Marina, because when contacted, a top official of the agency, who preferred anonymity insisted that the rigs were not abandoned. “What we are saying is that as long as the rigs have no issue, they are not abandoned,” he argued. But curiosity about the presence of the rigs at the Marina was borne out of the fact that rigs are usually found in oil producing areas. But on further investigation, Vanguard discovered that the two rigs were seized because of mismanagement of funds by Seawolf. Rigs were working for Total, Addax It was learnt that while the rig named Oritsetimeyin was working for Total E&P Nigeria, Onome was working for Addax Petroleum Development Company, with each generating $130,000 daily. Things started to fall apart when the directors of Seawolf were alleged to have been diverting the company’s funds for personal use. First was the $11 million given by Total meant to train the staff and buy equipment for the rig, which could not be accounted for, which led to cancellation of the contract. Also, the company refused to service the N25 billion loan it took from FirstBank. These led to the gradual grinding of operations of the once flourishing oil servicing company wholly owned by Nigerians. When the company could no longer function, it terminated the employment of its more than 450 workers in August 2013, without paying their entitlements. AMCON takes over Consequently, the Asset Management Company of Nigeria, AMCON, was compelled to take over Seawolf and the two rigs involved. However, the workers are asking for their salary arrears, terminal benefits and other entitlements as enshrined in the Collective Bargaining agreement, CBA, they signed with Seawolf. Some of the workers’ claims include: non-payment of outstanding salaries till date; end of contract bonus; non-payment of overtime; public holiday and weekend bonuses; non-provision of medical services which led to the alleged death of one Patrick Akpan. Others are an unremitted pension deduction not remitted; non-payment of leave allowances and leave not spent; and non-payment of 3.5 percent yearly increment. AMCON fails to honour agreements In pursuit of their entitlements, the workers approached the Ministry of Petroleum Resources for intervention and to facilitate their payment. In one of the meetings said to have held on November 10, 2014, at the NNPC towers in Abuja, it was resolved that Seawolf receiver manager (AMCON) should verify claims of the workers and effect payment. Attendants at the meeting included officials of the Ministries of Petroleum Resources, Labour and Productivity, AMCON, and joint representatives of junior and senior workers unions— NUPENG and PENGASSAN national branches. However, Vanguard learnt that this was not effected in the letter. In another meeting held on January 26, 2015, at the conference room of the Ministry of Petroleum Resources, it was resolved that under three weeks, AMCON should verify workers’ claims, make payment and report back to the Ministry of Petroleum Resources. The resolution was also ignored. Thereafter, the workers have become agitated and are set to mobilise to compel AMCON to pay them as agreed by the parties involved in the negotiations. Contacted, a source in FirstBank, who chose to remain anonymous, said although the bank gave such a loan to Seawolf, due process was followed. He said: “Loan to Seawolf is long standing. Due process was followed. Two years ago, it was reported in the annual general meeting of the bank. Right now, it is no longer FirstBank’s loan. It is an AMCON issue. AMCON has taken over and every other enquiry about it should be forwarded to AMCON. It is now an AMCON business.” AMCON offers no defence         When Vanguard sought the reaction from the spokesman of AMCON, Mr. Kayode Lambo, he said he was busy and offered to call back in about 10 minutes time. When Vanguard called back later after waiting for his call for more than 30 minutes, he did not take his call and neither did he respond to a text message sent to him in that regard.

Read more at: http://www.vanguardngr.com/2015/02/firstbank-seizes-seawolfs-rigs-over-n25bn-debt/

Piiko:
Its about time, all this old ugly men/bad debtors be collecting all the slay queens

LMAO

How did slay queens enter the episode

Ugosample:


LMAO

How did slay queens enter the episode

what do old men do with money there make if not getting mistresses

Piiko:
what do old men do with money there make if not getting mistresses

Well..

There js more ti life than sex bei

Ben Moronu how market. .
..

@ those who blame amcon....
please AMCON doesn't give credit facility it only buy bad debts from banks to prevent collapse in the banking sector and tries recovering such debt.