N5trn AMCON debt: FG panel begins secret probe of debtors’ assets

THE presidential panel put in place by Vice President Yemi Osinbajo on the recovery of N5 trillion owed Nigerian banks by 20 influential Nigerians and corporations has commenced a covert operation against the well-heeled debtors, Sunday Tribune has learnt.

Last Tuesday, Osinbajo put the panel in place following the inability of the Assets Management Corporation of Nigeria (AMCON) to recover the loans from the debtors who from the corporation’s records, include serving senators, top media moguls, celebrated businessmen, senior Federal Government appointees and acknowledged billionaires.

Cobbled together to force repayment, were the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU) and the Ministry of Justice.

Sunday Tribune learnt at the weekend that a joint operation has now commenced to secretly trace all the assets of the debtors, especially those not publicly linked to, and known with, them.

A source within EFCC disclosed that given the fact that the high-profile debtors are also very influential within government circle and in society, well-thought-out strategies are needed to force repayment out of them.

The source noted that considering the inability of AMCON to get them to pay, despite being backed by the law, the normal operations of getting debtors to pay might not be effective against the affected Nigerians.

It was gathered that assets being targeted include those with high economic and commercial values like private jets owned by some of them, well-placed investments and high-yield properties.

When all hidden and known assets are traced, each of them would be called in and given the options of either paying up or losing listed assets.

Calls to the mobile phones of the acting chairman of the EFCC, Ibrahim Magu rang out. Same also happened with the contact lines of the commission’s acting spokesperson, Mr. Tony Orilade.

From the conversation with the EFCC source, it will likely take a while for the assets of the debtors to be traced and collated.

The source was, however, certain that all the outstanding loans would be recovered from the influential Nigerians.

Aftermath the collation of their assets, an order of temporary forfeiture will likely be sourced from court of law, in the event that debtors are not willing to pay back willingly and deciding for litigation.

The targeted assets, according to findings, would either cover the value of their debts or be very close, a situation expected to compel the debtors to lay payment plans before the joint investigation team.

Operatives from both the ICPC and EFCC are reportedly leading the recovery efforts.

Meanwhile, the joint probe is likely to unearth fresh fraud cases against certain powerful individuals who are not listed as debtors to banks, but allegedly played prominent roles in the collapse of some banks.

It was learnt that certain indicting documents with AMCON, when finally released, would expose the role played by some moneybags in sinking some banks.

Huge depositors’ fund, were said to have been chanelled to political causes, thereby leading to the collapse of such banks.

A former Managing Director of one of such banks, is currently facing probe in the hand of a security organisation.

His alleged godfather, who is a prominent politician, is reportedly pulling strings to get him off the hook.

Underhand dealings are also said to have been perpetrated over the loans to be recovered, with certain top dogs of financial institutions and their collaborators in government circle, allegedly sharing certain percentages, for everybody in the know, to keep quiet.

The sharing was reportedly done with the thinking that the loans would eventually be written off as bad loans.

The current leadership of AMCON, according to findings, is determined to turn all stones, involved in the lingering unpaid debts.