By Fredrick Williams
Human rights activist and Senior Advocate of Nigeria (SAN), Femi Falana has said that 307 Nigerian elites owned entities are owing different banks a staggering N5.4 trillion.
Falana, in a statement made available to Daybreak Nigeria, Sunday, said the Asset Management Corporation of Nigeria (AMCON) has been finding it hard to recover the debts, which he said were owed by about 370 companies.
He called on security agencies to immediately look into the issue and recover the debts.
He noted that there was a critical need to enhance accountability and transparency in the nation’s financial transactions.
The statement: “AMCON is owed N5.4 trillion by the rich. A few years ago, commercial banks were going to collapse due to toxic loans taken by members of the ruling class.
“To prevent the impending economic doom, the Federal Government set up the Asset Management Corporation of Nigeria (AMCON) to buy off the loans with trillions of Naira provided by the CBN.
“AMCON has not been able to recover the loans of N5.4 trillion from about 370 corporate bodies.”
In the statement, Falana also criticised the Central Bank of Nigeria (CBN) for its handling of the sale of four commercial banks: Heritage Bank, Keystone Bank, Union Bank, and Polaris Bank.
The statement added: “Sometime in 2006, the CBN yanked off $7 billion from the nation’s foreign reserves and fixed it in 14 commercial banks in Nigeria.
“When I reported the matter to one of the anti-graft agencies, the CBN claimed that it had forgiven forbearance.”
The statement also drew attention to a controversial arrangement where the Ministry of Interior engaged a company called Continental Transfert Technique to collect the Combined Expatriate Residence Permit and Alien Card (CERPAC) fees of $2,000 annually from expatriates in Nigeria.
Alleging the diversion of N40 billion from the Federation Account, Falana said, “A company, Continental Transfert Technique had been hired by the Ministry of Interior to collect the Combined Expatriate Residence Permit and Alien Card (CERPAC) Fee of $2,000 per annum from every expatriate in Nigeria.
