Speaking at a press conference in Lagos, AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, highlighted the agency’s ongoing efforts to recover outstanding debts, particularly the case involving Arik Air Limited (in Receivership) and its founder, Sir Johnson Arumemi-Ikhide. He reaffirmed AMCON’s determination to retrieve the airline’s outstanding N227.6 billion debt, despite legal obstacles and allegations of mismanagement.
Lagos, Nigeria – The Asset Management Corporation of Nigeria (AMCON) has disclosed that it has successfully recovered over N2.1 trillion from debtors, despite numerous challenges since its establishment. However, the corporation is still facing legal battles with debtors who collectively owe nearly N5 trillion, with many allegedly misappropriating the borrowed funds.
Speaking at a press conference in Lagos, AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, highlighted the agency’s ongoing efforts to recover outstanding debts, particularly the case involving Arik Air Limited (in Receivership) and its founder, Sir Johnson Arumemi-Ikhide. He reaffirmed AMCON’s determination to retrieve the airline’s outstanding N227.6 billion debt, despite legal obstacles and allegations of mismanagement.
Nwauzor emphasized the strategic role of the media in supporting AMCON’s debt recovery drive, noting that some debtors manipulate narratives to paint the corporation in a negative light. He urged journalists to focus on the broader economic implications, stating that “these debtors have significantly harmed Nigeria’s economy, and the media must not allow them to distort the facts.”
Providing further details, Nwauzor revealed that the debts linked to Arik Air, Rockson Nigeria Limited, Ojemai Farms Limited, and Ojemai Investment Limited were transferred to AMCON by banks due to non-performance. As of December 31, 2024, the total indebtedness stood at N455.17 billion, broken down as follows:
- Arik Air Limited – N227.64 billion
- Rockson Engineering – N163.50 billion
- Ojemai Farms – N14.03 billion
Despite AMCON’s recovery efforts, some debtors have reportedly resorted to smear campaigns, legal battles, and intimidation tactics to evade payment. Nwauzor stressed that regardless of these challenges, the corporation remains committed to retrieving the funds.
AMCON has repeatedly warned that failure to recover these debts would leave the Federal Government of Nigeria responsible for settling the obligations, ultimately burdening taxpayers. “If at sunset AMCON cannot recover over N4 trillion, these debts will be transferred to the government, meaning the public will pay for the actions of a few individuals who exploited legal loopholes,” Nwauzor explained.
The corporation continues to push for greater stakeholder collaboration to ensure that financial accountability is enforced, emphasizing that recovering these debts is crucial for national economic stability.
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