Judge calls on Judiciary to help AMCON collect N5 trillion debt

BY OUR REPORTER

A Federal High Court judge, Justice Nnamdi Dimgba, has called for concerted efforts from critical stakeholders, especially the judiciary, to enable the Assets Management Corporation of Nigeria (AMCON) recover over N5 trillion outstanding debt.

Justice Dimgba was one of the guest speakers at the AMCON 2019 Annual Seminar for External Solicitors and Asset Management Partners (AMPs), which ended at Eko Hotel, Lagos at the weekend.

AMCON’s managing director/CEO Mr. Ahmed Lawan Kuru, had set the tone of discussion when he called on AMCON council and Asset Management Partners (AMPs) to take advantage of the special provision on accelerated hearing of AMCON matters, since the Practice Rules allow the courts to sit from day-to-day, even on the weekends, at their discretion.

Kuru said AMCON had noticed increased incidences of obligors taking advantage of the appeal process to deny the corporation the benefit of favourable judgments obtained. He however disclosed that AMCON was now conscious of the availability of the opportunity to request the courts to order litigants to deposit judgment consideration with the court registrars, which he said will mitigate the practice of obligors deliberately dragging their matters in court.

Justice Dimgba who delivered a paper titled “Responsibilities and Liabilities of Receivers/Managers Under the AMCON Regime and the Relevance of Winding-up/Bankruptcy Proceedings and Liquidation in AMCON’s Recovery Drive,” called on the judiciary to partner AMCON to ensure that the corporation meets its mandate before its sunset, which is fast approaching.

He said the issue of AMCON’s recovery drive has become complex question that has vexed the thoughts and deliberations of policy makers; AMCON executives; and even the average Nigerian citizen (as AMCON oversees funds that trace their roots to the taxpayer).

Supporting the position of Kuru, Dimgba also challenged AMCON’s external council to familiarize themselves with the laws of the country, the AMCON Act as amended; the practice direction; the Federal High Court AMCON Proceeding Rules 2018 and the Federal High Court Alternative Dispute Resolution (ADR) Rules, 2018, which he said will better equip them to reasonably assist AMCON as well as the nation recover the debt.

Dimgba, a judge of the Federal High Court, Abuja Division, said the success of AMCON in this light will help stabilize the economy of Nigeria, adding that it was sad that AMCON’s attempts to recover value from the non-performing loans stands at a paltry 20 per cent.

In the light of growing agitations for salary increases, investments in the tertiary, and improved healthcare, the judge disclosed that these alarming figures therefore required all stakeholders to assist AMCON to fully utilize its statutory powers, in order to deliver its mandate under the AMCON Act, just as the country’s economy stands to benefit a lot from the recovery.