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AMCON can declare debtors bankrupt

by Credible News

The Asset Management Corporation of Nigeria, AMCON, may embrace the name-to-shame option against debtors who hold public offices, going by the suggestion of a legal practitioner.

Muyiwa Balogun, a legal consultant, has challenged AMCON and judges of the Federal High Court to declare AMCON obligors bankrupt and hinder them from holding public offices.

AMCON’s intervention in the 2008/2009 global economic crises cannot be over emphasized but the initiative is proving Herculean due to its huge debt profile.

Balogun painted a gloomy picture of what could further befall the already challenged Nigerian economy, if the debts were not recovered in good time.

Balogun further explained that the debt burden, he explained, will eventually become the burden of the federal government and by extension taxpayers, which is why he said there was need for speed from the angle of the courts.

The legal practitioner implored the Federal High Court to enact the new 2019 amended AMCON act by declaring public office holders bankrupt to help recover the N5.4 trillion.

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