Emily Johnson
Wed, Aug 2, 2023 4:25 AMAMCON Raises Concern Over Debtors Masking Assets, Urges Judicial Officers to be Wary
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The Asset Management Corporation of Nigeria (AMCON) has expressed concern over the activities of debtors who are masking their assets by presenting third parties as the real owners. The Chief Executive of AMCON, Ahmed Lawan Kuru, highlighted the challenges faced by the corporation in recovering debts and urged judicial officers to be wary of such tactics. He emphasized the importance of the judiciary's role in national development and urged collaboration for the success of AMCON's debt recovery activities.
Lagos - The Asset Management Corporation of Nigeria (AMCON) has raised serious concerns about the activities of debtors who are finding new ways to mask their assets. These recalcitrant obligors have resorted to presenting third parties as the real owners of the assets traced to them, making it difficult for AMCON to recover the debts.
Ahmed Lawan Kuru, the Chief Executive of AMCON, spoke about these challenges at the annual training for judicial officers of the Federal High Court in London, United Kingdom. He urged the judicial officers to be wary of these tactics employed by the debtors and stressed the importance of the judiciary in resolving such matters.
Kuru pointed out that the debtors have become adept at using technicalities and colluding with third parties to file court orders in an attempt to have their obligations set aside. He expressed AMCON's struggle in dealing with these recalcitrant obligors.
Highlighting the extent of the debt recovery efforts, Kuru mentioned that AMCON has managed to recover approximately N1.6 trillion out of a total outstanding amount of N4.664 trillion. He emphasized that the recovery and disposal of assets have contributed significantly to settling the corporation's obligations and preventing further burden on the country's debt profile.
AMCON's CEO appealed to the judicial officers for more understanding and collaboration to achieve the national assignment of debt recovery. He acknowledged the vital role played by the judiciary in national development and expressed gratitude for their support thus far.
Addressing the gathering, Justice John T. Tsoho, Chief Judge of the Federal High Court, commended the role of AMCON and the Nigerian Financial Intelligence Unit (NFIU) in ensuring the stability of Nigeria's financial system and economy. He regarded AMCON and NFIU as indispensable agencies of the Federal Government.
Justice Tsoho emphasized the need for an effective judicial system and the importance of equipping judicial officers with the necessary skills to tackle legal issues arising from increased online transactions. He affirmed his commitment to the training that would enable Federal High Court judges to deal effectively with contemporary legal challenges.
The training in London is part of the ongoing efforts to enhance the judiciary's ability to handle complex economic adjudication in the virtual era. The integration of AMCON and NFIU into the training program reflects the recognition of their significance and the need for collaboration in resolving economic disputes.
Source of content: OOO News 2023-08-02 News
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