AMCON threatens sanction against Reps member over N145m debt

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The Asset Management Corporation of Nigeria (AMCON) has threatened to hand down sanction against a member of the House of Representatives, Hon. Mustapha Dawakin Bala.

Bala who represents DAWAKIN KUDU/WARAWA federal constituency of Kano state, allegedly refused to service debt amounting to N145 million.

AMCOM however issued a 14-days ultimatum upon which relevant sanction will apply.

AMCON, in a letter dated 20th July 2016, signed by Kamar Raji on behalf of Wande Okeya and co., a consortium-Asset Management Partner appointed by AMCON said the need for Dawakin to pay the said N145, 980,886.99 became imperative .

According to the letter, “Failure to positively respond to this letter within 14 days of its receipt will leave us with no other choice than to initiate the process of recovery against you in line with the power confered upon AMCON under the law .”

Raji noted that the lawmaker did not respond to the letter since July.

He stated further that Bala allegedly secured a Bank loan which attracts 21 per cent interest per annum, but the loan was not serviced.

“We are aware that you requested for and granted a Share Purchase Facility to purchase 2000.000 units of Zenith Bank Plc shares. We have been informed from the documents made available to us that your indebtedness to AMCON currently stands at N145, 980,886.99.”

“We have also been informed that you have refused to liquidate your indebtedness till date.”

“We wish to inform you that upon your refusal to liquidate your indebtedness till date , interest at rate of 21% per annum has continued to accrue on the said indebtedness and will continue accruing till final payment of this indebtedness ”

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“In view of the above stated mandatory, we hereby demand for the immediate payment of the sum of N145, 980, 889.99 and all accrued interests towards liquidating the indebtedness”

“We believe a man of your calibre and standing in society will give room to reasoning and good counsel in the resolution of this indebtedness.”


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