AMCON Battles to Recover N4 Trillion Debt in Nigeria, Calls for Media to Hold Debtors Accountable

AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, made this known while addressing journalists in Ikeja on Friday. Nwauzor urged the media to play an active role in holding debtors accountable, describing the press as the mirror of society.

“The management of AMCON is convinced that a deeper collaboration between AMCON and the media will deliver positive dividends for the country,” he said

He explained that many of these debtors, despite owing billions to AMCON, continue to enjoy a luxurious lifestyle, including owning private jets and high-end properties. He argued that media scrutiny could deter such individuals from evading their financial responsibilities.

“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,” he noted

He emphasized that media reports could serve as a tool to pressure debtors into making repayments. He also reiterated that all stakeholders should recognize AMCON’s debt recovery mandate as a matter of national importance.

MORE NEWS: How Nonpayment of Debts Undermines Your Integrity And Cripples Economies

Resistance and misuse hinder recovery

According to Nwauzor, some debtors failed to use the borrowed funds for their intended purposes, which has complicated the recovery process.

He highlighted that AMCON has continued to face stiff resistance from certain obligors who are unwilling to repay without a fight.

“The leadership of AMCON knows that there is no nice way of recovering debt. Obligors could go to any length to assassinate the characters of AMCON staff members and its management,” Nwauzor stated.

He emphasized that while many debtors had fulfilled their obligations, some remained unwilling to settle their debts.

Impact on the Nigerian economy

Nwauzor cautioned that if AMCON fails to recover the outstanding debt, the federal government will have to settle it using taxpayers’ money.

“If at sunset AMCON is unable to recover the huge debt of over N4 trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ money will be used to settle.

The implication is that the general public will be made to pay for the recklessness of only a few individuals,” he said.

He further stated that such debtors have played a significant role in harming Nigeria’s economy.

Probitas Report can play a strategic role in partnering with AMCON to enhance debt recovery efforts through investigative journalism and public accountability.  

1. Exposing High-Profile Debtors: Probitas Report can conduct in-depth investigations to uncover the financial misconduct of major debtors and publish detailed reports to pressure them into compliance.  

2. Public Accountability Campaigns: By running consistent media campaigns, Probitas Report can highlight the economic impact of unpaid debts and call for corporate responsibility.  

3. Tracking Non-Performing Loans: The platform can maintain a database of major unresolved debts, ensuring continued media scrutiny on defaulters.  

4. Exclusive Interviews with AMCON Officials: Regular discussions with AMCON representatives can provide the public with firsthand updates on recovery challenges and progress.  

5. Legal and Policy Advocacy: Probitas Report can advocate for stricter financial regulations and legal reforms to prevent loan misuse and evasion.  

6. Collaboration with Anti-Graft Agencies and CAFFIA: Partnering with financial crime agencies, the platform can bridge information gaps and expose fraudulent financial activities.  

7. Financial Literacy Campaigns: Educating the public on the consequences of unpaid debts can foster a culture of accountability and responsible borrowing.  

8. Data-Driven Reports and Analysis: Providing well-researched articles backed by financial data can strengthen AMCON’s case against non-compliant debtors.  

9. Whistleblower Platform: Establishing a confidential reporting system can help AMCON receive credible tips on hidden assets of defaulters.  

10. Leveraging Kreeno’s RiskHR and EmoRisk: By integrating advanced risk assessment tools, Probitas Report can help detect and mitigate financial fraud, reinforcing AMCON’s recovery strategies.  

This partnership will not only support AMCON’s debt recovery mandate but also enhance financial integrity in Nigeria which Dr Ohio O. Ojeagbase has been a chief advocate of over the decade.

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