Suru Group Boss Advocates Scrapping of AMCON

Suru Group boss, Edward Akinlade has called on President Bola Ahmed Tinubu to scrap and write off all the debt profiles with Asset Management Corporation of Nigeria (AMCON).

During a press briefing at his office in Ikeja, Lagos at the weekend, following the Supreme Court ruling on AMCON’s possession of Suru WorldWide’s properties, Akinlade cited instances where AMCON has taken possession of a business and run it aground, hence, should be scrapped.

AMCON is a body established by the Act of the National Assembly of Nigeria in July 2010 to be a key, and re-vitalizing tool to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.

“The government of the United States of America decided to write off all the loans with the students. The government gave a grant to Detroit, motor companies and they wrote it off. Banks in the UK were bailed out and their loans were written off. If they did not bail them out then, unemployment in the US and the UK would have skyrocketed.

“These are based on economic policies. Government interventions and government grants are key. If you scrap AMCON today and give grants to those who owe loans, they would be relieved and be able to consider expanding their businesses. So, let the government shut down AMCON and sell whatever is left at a discount to the third party and move on. Nigeria will grow and Nigeria will be better.”

AMCON, through a Federal High Court order, had seized three of Suru WorldWide’s priced assets which were located in the high brew areas in Ikeja; one is at 12, Allen; the second at 86, Opebi while the third is located at 12, Rev Ogunbiyi.

Speaking on his take from the Supreme Court ruling on AMCON’s possession of Best Western Hotel, and other properties, Akinlade exclaimed that the Supreme Court judgment was remarkable and attests to the fact that it is the last hope of the common man in the country.

He said the judgment has helped restore hope for companies who have fallen victim to AMCON’s unscrupulous means of taking possession of properties of individuals and businesses in the name of helping to resolve the non-performing loan assets.

While Suru World Wide awaits a signed Supreme Court injunction, Akinlade revealed what the company has put forward as claims for the costly damages AMCON has inflicted on his company.

He said: “Pre-action notice damages claim has been filed for AMCON to pay a sum of N28 billion for direct and indirect pain inflicted on the company, its directors, and my persons and management team. Once a hard copy of the Supreme Court is handed over to us, our lawyer will take action to repossess our possession.”