Banks’ Debtors Damaged Nigerian Economy, Says AMCON Managing Director
The Managing Director of the Asset Management Corporation of Nigeria (AMCON) has issued a strong rebuke to chronic bank debtors, accusing them of causing significant damage to the Nigerian economy through unpaid loans and deliberate default.
In a recent statement, the AMCON boss expressed deep concern over the activities of high-profile individuals and corporate entities who have consistently refused to settle their obligations, despite repeated efforts at recovery. According to him, these debtors not only undermine the stability of the banking system but also stifle economic growth and discourage investor confidence.
“Many of the debts were incurred with no intention of repayment,” the AMCON Managing Director noted. “These are willful defaulters who accessed huge facilities and chose to frustrate the recovery process. Their actions have contributed to weakening the financial sector and dragging the economy backward.”
He added that AMCON, which was established in 2010 to clean up non-performing loans in the banking industry, continues to face resistance from powerful individuals using legal technicalities to delay or avoid repayment. The corporation is currently managing debts worth over ₦4 trillion, much of which is tied up in court battles.
The MD called on regulatory bodies, the judiciary, and other stakeholders to support AMCON’s efforts in holding banks’ debtors accountable. He emphasized that recovering these funds is crucial to reviving key sectors of the economy, especially in a time of fiscal challenges and efforts to attract foreign investment.
This latest development has reignited public discourse on financial responsibility and the role of elite impunity in Nigeria’s economic struggles.
