As the noose on bad debtors tightens under the latest enforcement strategy, Justice Nnamdi Dimgba of the Federal High Court, Asaba, at the weekend, re-echoed the fact that the task to strengthen the Asset Management Corporation of Nigeria recovery drive remains a national concern and a huge burden to the judiciary and the country at large.
Managing Director/CEO of AMCON, Mr. Ahmed Lawan Kuru, had set the tone of discussion when he called on the Corporation’s Council and Asset Management Partners to take advantage of the special provision on accelerated hearing of AMCON matters since the Practice Rules allow the courts to sit from day-to-day, even on the weekends, at their discretion.
Justice Dimgba who delivered a paper titled, “Responsibilities and Liabilities of Receivers/Managers Under the AMCON Regime and the Relevance of Winding-up/Bankruptcy Proceedings and Liquidation in AMCON’s Recovery Drive,” called on the judiciary to partner the agency to ensure it meets its mandate before its sunset, which is fast approaching.
Agreeing, Dimgba also challenged AMCON’s external council to familiarise themselves with the laws of the country, the AMCON Act as amended; the practice direction; the Federal High Court AMCON Proceeding Rules 2018, and the Federal High Court Alternative Dispute Resolution Rules, 2018. These, he said, will better equip them to reasonably assist AMCON and the nation to recover its humongous debt obligation.