AMCON Decries N1.4bn Debtors’ Promissory Notes

The Assets Management Company of Nigeria (AMCON) said it has over N1.4 billion promissory notes offered by bank debtors who failed to pay back the creditor banks.

AMCON’s Head of Enforcement, Usman Abubakar, stated this when he appeared before the House of Representatives Adhoc committee investigating the status of recovered movable and immovable assets between 2002 and 2020 on Tuesday.


He said some of the promissory notes amounting to N1.385bn will mature in 2024 while others worth N356 million would be ready by July 12, 2021.

Abubakar also said AMCON has always worked with the Economic and Financial Crimes Commission (EFCC) in its recovery operations noting that AMCON got N1.178bn recovered by EFCC from nine accounts of debtors owing some banks.

The committee chaired by the Deputy Chairman, Rep Sada Soli Jibia also queried and would probe N87m with unclear status in AMCON’s submission.

The committee also grilled Heritage Bank’s officials over $11.4m debt owed to the NEXIM Bank.

He asked the Managing Director (MD) of NEXIM Bank, Abba Bello, whether he was aware of a contentious $7m deposited into Heritage Bank.

Bello said $22m was deposited but later reduced to $11.4m after part payment by the bank.

“As of today, $11.4m is still outstanding to NEXIM bank. The deposit was in 2015. Sometime later the bank became unable to repay the money prompting the Special Presidential Investigative Panel (SPIP) to wade in,” said Bello.

While responding to an issue between NEXIM Bank and Aso Savings and Loans, he said they are holding on to a land over the failure of the bank to pay back a $1.1 billion fixed deposit.

The committee also asked Zenith Bank to provide all accounts details on transactions on funds in its transactions with NNPC and the Federal Mortgage Bank (FMBN).

It summoned Heritage Bank, Aso Savings & Loans and NEXIM Bank for another appearance.

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