The Asset Management Corporation of Nigeria said it is set to publish names of over 7,912 debtors owing the company a total of N4.4tn.
This is coming as the 30-day ultimatum issued to the debtors by the National Assembly to enable them regularise their debt status with the bad debt manager expires on Wednesday.
The corporation confirmed the development to newsmen on Tuesday, stating that the agency had no choice but to obey the directive of the National Assembly asking it to publish the names of debtors who have refused to repay their loans.
The spokesperson for AMCON, Jude Nwauzor, said debtors who were yet to provide a repayment proposal risked having their details published in the media after the 30-day grace period given by the National Assembly.
He said, “AMCON has taken the decision to publish already. The decision has been taken already. It is a directive from the National Assembly. As a responsible corporate citizen, this was why we published an advertorial to warn all the entities concerned that their names will be published at the expiration of the ultimatum. The one month grace period will be expiring on January 5, 2021.”
According to the corporation, out of 12, 743 non-performing loans inherited by the agency, 4, 831 debtors have settled their indebtedness, leaving 7,912 outstanding debtors
Emphasising why the agency would go ahead to publish the names of the debtors, Nwauzor said, “If you recall that before we went for the Christmas holiday, the National Assembly asked us to publish a list of debtors. However, the management of AMCON felt that to avoid a situation whereby people would say we took them by surprise, there was a need to do an advertorial. That was why we put adverts to warn that after the expiration of the deadline, the names would be published. We bought 12,743 loans, but as of now, about 4,831 have been resolved. The outstanding is now7,912. These outstanding debtors are owing us N4.4tn.”
AMCON had finalized arrangements to publish the complete list of individuals, and institutions on its non-performing loans portfolio in the national dailies.
The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Uba Sani, had, in early December, directed the corporation to publish the names of all debtors, including popular Nigerians as the government stepped efforts to drive debt recovery.
The agency consequently gave the debtors between December 6, 2021, and January 5, 2021, to provide payment formidable repayment proposal or risk the embarrassment of having their names published as directed by the National Assembly.
In a document submitted to the House of Representatives and the Senate last December, AMCON’s Chief Executive Officer, Ahmed Kuru, revealed that about 83 per cent of the total NPL portfolio of N4.4tn was being owned by 350 debtors.