10 ‘Big Boys’ Hold Economy To Ransom, Owe AMCON N1tr

Efforts by the Federal Government at shoring up economic activities through debt recovery from individuals and organisations are not adding up. High-profile debtors are using the courts to mount blocks in the way of government.

It was learnt that at least 10 of such individuals, referred to as the “big boys”, are collectively owing the government about N1 trillion, which is about 17 per cent of the N6 trillion 2016 national budget.

The Managing Director and Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, told The Guardian that these “big boys with big jets” had perfected the art of going to court to stop the debt-buying agency from taking possession of their assets.According to him, court processes could take up to 10 years, as debtors are willing to go to any length, including getting to the Supreme Court, in delaying suits filed against them. “Obligors in court just want to buy time to continue to live with their lifestyles, which is more important to them than paying up their debts,” he noted.

Kuru, who declined to disclose the identities of the big boys, because he did not “want to fight them on the pages of the newspapers” since the cases are still ongoing, however, vowed that AMCON would recover every penny owed government.

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http://guardian.ng/news/10-big-boys-hold-economy-to-ransom-owe-amcon-n1tr/

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