The Asset Management Corporation of Nigeria (AMCON) has announced the recovery of over ₦2.1 trillion for the Federal Government despite facing legal battles and resistance from debtors.
Speaking at a media briefing in Lagos over the weekend, AMCON’s Head of Corporate Communications, Jude Nwauzor, emphasized the agency’s determination to recover outstanding debts, particularly the ₦227.6 billion owed by Arik Air Limited (in Receivership) and its founder, Sir Johnson Arumemi-Ikhide.
According to Nwauzor, AMCON has over 2,000 cases in court, as many debtors misused borrowed funds and have refused to settle their obligations.
One of the most notable cases involves Arik Air Limited, which, alongside its founder, reportedly owes AMCON over ₦227 billion.
The airline’s debt, originally obtained from banks such as Union Bank and Bank PHB (now Keystone Bank), was classified as non-performing before being transferred to AMCON in 2010.
“At AMCON, we see the media as crucial to our recovery efforts because many of these debtors try to manipulate public perception,” Nwauzor stated.
“These are individuals who have contributed to damaging the Nigerian economy, and they must be held accountable.”
Despite court rulings affirming AMCON’s receivership of Arik Air, Arumemi-Ikhide has continued to dispute the takeover, alleging mismanagement and insisting that his loans were not in default.
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AMCON, however, refutes these claims, asserting that Arik was in financial distress before the takeover, with unpaid staff salaries, grounded aircraft, and mounting debts to regulators.
Nwauzor warned that failure to recover these debts would ultimately place the burden on Nigerian taxpayers.
“If AMCON cannot recover the over ₦4 trillion in outstanding debts, the Federal Government will be forced to absorb these losses, meaning public funds will be used to cover the recklessness of a few individuals,” he said.
AMCON reaffirmed its commitment to pursuing debt recovery, regardless of legal or media attacks against its officials.
The corporation urged stakeholders, including the media, to hold debtors accountable rather than allowing them to evade their financial responsibilities.
With thousands of cases still pending, AMCON continues to navigate a challenging debt recovery process while working to prevent financial institutions from collapsing under the weight of bad loans.