• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      1hr

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      1hr

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      34 min

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      1hr

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      1hr

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      24 hrs

      Oil and Gas

      NCDMB extends ‘transitional’ equity to Waltersmith’s expanded refinery

      February 19, 2021

      Frontpage

      Global solar PV demand to reach 150 GW in 2021

      February 18, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      28 min

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

      Analyst Insight

      Do we need more start-ups in insurance?

      February 16, 2021

      Analyst Insight

      Naira, PMI’s and Inflation in focus

      February 16, 2021

Frontpage

Ministers, lawmakers among N5tn chronic debtors – AMCON

July 25, 2019437 views0 comments

Ahmed Kuru, the managing director/chief executive officer, Asset Management Corporation of Nigeria, said the chronic debtors of the corporation were occupying top government positions.

He also said that the corporation was working with other agencies such as the Economic and Financial Crimes Commission, the Independent Corrupt Practices and other related offences commission, and the Nigeria Deposit Insurance Corporation to produce a full-length television documentary of notorious and recalcitrant obligors of AMCON.

Kuru, who was a guest speaker at the July 2019 edition of the breakfast meeting, organised by the Nigerian – American Chamber of Commerce, said the idea was to document in a permanent format for generations yet unborn, to know the so-called big men and women that were behind the over N5tn debt burden, which AMCON was battling to recover.

The worrisome aspect of issue, he said unlike what happened in other climes, was that these obligors still manipulated their way to emerge as members of the national assembly, ministers, chairmen and women of big organisations and pro-chancellors of universities.

As if that was not bad enough, Kuru added, “Sadly, these are the calibre of people we respect in Nigeria but these people are not role models. How can you be a role model when you cannot honour a simple obligation? That is why I have been consistent in the call for the return of the failed bank Act. The way we are handling the issue in the country suggests that we are encouraging a lot of financial rascality. People have to be held accountable for their actions, which I believe would serve as deterrent to others.

“All economies all over the world depend on the financial infrastructure for growth. If we allow or encourage the destruction of the basis of our financial structure, then the economy would not grow. These are men and women who go to banks, borrow monies with no intention to pay and in the process bring down banking institutions. It takes a lot for a bank to fail. AMCON just rescued Skye Bank with an investment of nearly N1trn.”

Share on Facebook Tweet Email
TagsAhmed Kuru Amcon debtors
PreviousInvestors stake N301bn in FG’s N145bn bonds
NextAlaro City’s master plan wins international acclaim

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Coronation MB analysts project sharp rates rise after Nigeria recession exit
  • Enterprise risk management surges amid pandemic, RIMS reports
  • PenCom’s AuM data signals investment shift favouring corporate debt, equities
  • Gradely, ed-tech startup, rolls-out virtual learning management system for schools
  • Nigeria’s CcHub declares success in 3 premier investments made through new syndicate

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Kaduna refinery stays idle for 12 months, others wobble

Frontpage May 30, 2019

1
2

After initial bluff, Nigeria off with largest delegation to AfCFTA Intra-African trade fair in Egypt

Frontpage November 29, 2018

3

Nigeria’s president Buhari approves minor cabinet reshuffle

Frontpage September 24, 2019

4

Signing of bill in UK: Nigerians attack Buhari

Frontpage November 6, 2019

5

NIRC pushes for capacity building in integrated reporting in Nigeria

Finance June 25, 2020

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.