AMCON may stop debtors from contesting elections

 

BY OUR EDITOR

The Asset Management Corporation of Nigeria (AMCON), desirous of recouping over N5 trillion debt in the hands of its obligors, may impose a ban on politicians who are indebted to it from further contesting elections to public offices in the country.

Hon. Justice C.M.A. Olatoregun of the Federal High Court at the weekend advised AMCON management to adopt a new strategy and partner other sister agencies of government to stop its debtors from contesting elections in the country and thereby gaining access to political positions.

Justice Olatoregun who spoke as chairperson of a one-day seminar for External Solicitors and Asset Management Partners (AMPs) of AMCON said this had become necessary especially now that the AMCON (Amendment) Act 2019, has been signed into law by President Muhammadu Buhari.

She said time was now right for AMCON to come up with a comprehensive database of its obligors and make such information available to bodies such as the Independent National Electoral Commission (INEC); Independent Corrupt Practices Commission (ICPC); Economic and Financial Crimes Commission (EFCC); Department of State Security (DSS); Nigerian Police among other sister agencies of the government, so that AMCON obligors can be stopped from contesting elections or aspiring to leadership positions in the country, ab-initio.

With this strategy, according to Olatoregun, when election is approaching, lawyers can boldly approach the court and get orders stopping such obligor candidates from seeking votes from Nigerians, thereby helping the Nigerian economy.

She said lawyers needed to understand that the over N5 trillion owed AMCON belongs to all Nigerians including the lawyers, meaning that recovering the outstanding debt will have huge positive impact on the development of the economy of the Federal Republic of Nigeria.

According to a statement by Jude Nwauzor, AMCON’s head of corporate communication, Justice Olatoregun described as sad a situation where debtors and people who cannot honour a simple obligation were allowed to contest elections, and in most cases win and eventually occupy exalted offices in the country.

“It is in our constitution that people of questionable characters and criminals should not contest elections, but we are yet to see confident lawyers that can come out and challenge this people beyond reasonable doubt, that they are not eligible to stand for elections as a result of their heavy indebtedness,” she fumed.

AMCON’s managing director/chief executive officer, Mr Ahmed Lawan Kuru, urged legal practitioners in the country, especially those handling AMCON related cases, to sit up and test the full strength of the amended Act, particularly in the face of hard fighting obligors of AMCON.

Kuru, in his welcome remarks lamented the huge outstanding debt of the corporation of over N5 trillion, which would eventually become a burden to the Federal Government of Nigeria if at sunset AMCON failed to recover the money.

He said the interaction was very important to AMCON because, besides being a regular interaction, which produces positive result in the quest to recover AMCON’s indebtedness, the seminar was the first since the amendment of the Act by the National Assembly, which has been signed into law by President Muhammadu Buhari.