Nigerians may pay N4trn debt of reckless high-profile persons – AMCON

• Published On: 16 March 2025 at 19:44

The Asset Management Corporation of Nigeria is facing significant challenges in recovering more than N4 trillion in outstanding debts and has urged the media to assist in holding debtors accountable.

Mr. Jude Nwauzor, AMCON's Head of Corporate Communications, made the appeal while speaking to journalists in Ikeja on Friday, urging them to take a proactive role in ensuring debtors meet their obligations.

"The media serves as the mirror of society, and its engagement can help expose high-profile debtors and compel them to fulfil their financial responsibilities," Nwauzor told reporters.

Nwauzor emphasized that some debtors, despite owing billions to AMCON, continue to lead extravagant lifestyles, owning private jets and luxury properties. He claimed that media scrutiny would deter such individuals from evading their financial obligations.

"We believe that when these obligors, who own some of the private jets you see at our airports, are challenged by the media, they will not be as bold and audacious as they have become," according to him.

AMCON believes that stronger collaboration with the media will benefit the country by increasing pressure on debtors to meet their obligations.

According to Nwauzor, some debtors misappropriated borrowed funds, complicating the recovery procedure. He emphasised the resistance AMCON faces from obligors who refuse to repay without a fight.

"The leadership of AMCON understands that there is no nice way to recover debt. Obligors could go to any length to destroy the reputations of AMCON employees and management," he said.

While acknowledging that many debtors had settled their obligations, he noted that others remained defiant, complicating recovery efforts.

Nwauzor warned that if AMCON fails to collect the outstanding debts, the federal government will have to settle them with taxpayer funds.

"If AMCON is unable to recover the massive debt of over N4 trillion by sunset, it becomes the debt of the Federal Government of Nigeria, which will be settled with taxpayer funds. "The implication is that the general public will be forced to pay for the recklessness of a few people," he said.

He further stressed that these debtors have significantly harmed Nigeria’s economy and called for collective efforts to ensure financial accountability.