The Asset Management Corporation of Nigeria (AMCON) has revealed that only about 350 Nigerians were responsible for more than 80 per cent of the ₦5.4 trillion debt of the company.

The revelation was made by the The Managing Director/Chief Executive Officer, Ahmed Kuru during an interview he granted the News Agency of Nigeria (NAN) in Abuja on Wednesday.

Mr. Kuru said the 350 Nigerians or their businesses owed a staggering ₦4.3 trillion of the ₦5.4 trillion debt portfolio of the company, an amount which he said was over 50 per cent of the country’s 2018 Budget.

Highlighting the numerous challenges faced by the company during recoveries, Kuru disclosed that many of the debtors were yet to pay as the corporation had only recovered about ₦700 billion.

He said it was unfair that AMCON was now only known for recoveries and taking over of companies, adding that when the company played the first two roles of intervention and support, nobody complained.

“Our responsibility is first to intervene, then provide support before we recover, we have done the two, nobody has complained, now that we are doing the third people are complaining.

“The people complaining are those people that do not want to meet their obligations. Some of the obligors owe as much as ₦200 billion. We have 350 Nigerians that have obligations or control more than 80 per cent of all AMCONs debt portfolio.

“So, if you are talking about ₦5.4 trillion, only 350 Nigerians are supposed to pay more than 80 per cent of that amount, and they are normal people you see on the streets.” Kuru said.

He further stressed that although the recovery of loans was a difficult task, there was no way AMCON or the Nigerian government was going to write off the more than ₦5.4 trillion debts sitting on the balance sheet of the nation’s apex bank, the Central Bank of Nigeria (CBN).