AMCON to expose new debtors

Following the exposure of 105 delinquent debtors, the Asset Management Company of Nigeria (AMCON) is preparing to release another list of debtors. AMCON’s Head of Corporate Communications Department, Jude Nwauzo made this known.

According to emerging information, AMCON has decided to expose the debtors following their failure to meet their debt obligations after several peaceful engagements.

According to Nwauzo, AMCON would be forced to charge the debtors to court if they failed to repay their loans.

Nairametrics had reported AMCON’s published names of its top 105 delinquent debtors. According to AMCON, all avenues provided by the corporation for the debtors to propose acceptable resolution terms failed.

Tops on the list include:

  • Ifeanyi Ubah’s Capital Oil & Gas Industries Limited which currently owes ₦115 billion,
  • NICON Investment Ltd which is owned by Jimoh Ibrahim with a debt of ₦59.5 billion
  • Bi-Courtney Limited owned by Dr.Wale Babalakin (SAN) with a debt profile of ₦40.7 billion.
  • Cross-River State-owned Tinapa Business Resort with a debt profile of ₦36 billion.


AMCON was established in 2010 to buy non-performing loans and rescue lenders after the industry was threatened with collapse. It was created to be a key stabilising and revitalising tool aimed at reviving the financial system by efficiently resolving the non-performing loan assets of banks in the country. AMCON is also billed to wound down by 2020, according to the Act establishing it.


Source: Nairametrics

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