This Conspiracy Is Not A Theory

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Nigeria has a population of 200  million people we are told. Our 2018 budget is 9 trillion Naira. The Assets Management Corporation of Nigeria AMCON, the company that was set up to help the rich buy their debts, told us during the week that, 350 Nigerians {out of 200 million citizens} are responsible for 80% of AMCON’s N5.4 trillion debt portfolio.

May be you did not hear that well.

AMCON said only 350 Nigerians borrowed N5.4trillion from banks, which they could not pay and AMCON came in to buy up those debts in other to save the commercial banks from collapsing.

2018 Capital Budget is N2.4 trillion

2018 Recurrent Budget is N3.4 trillion

Add both capital and recurrent votes and you will get N5.8 trillion.

But 350 Nigerians, out of 200 million of us borrowed that same amount, they refused to pay and government came round to buy the debts over through AMCON.

The corporation also pointed out that, out of the millions of BVN numbers with the banks, only 100 BVNs collect 60% of bank lendings.

And this has left the banks with 13,000 bad loans worth 5.6trillion borrowed by “big men” who are now not wanting to pay. Yet same banks will give no loans to the poor.

Speaking on the challenges faced by AMCON and the hitches experienced during recoveries, the Chairman, Mr Kuru said many of the debtors were yet to pay as AMCON had only recovered about N700 billion.

He said it was unfair that AMCON was now only known for recoveries and taking over of companies, adding that when the company played the first two roles of intervention and support, nobody complained.

“Our responsibility is first to intervene, then provide support before we recover, we have done the two, nobody has complained, now that we are doing the third people are complaining.”

When AMCON was buying over the debts with public money to help the banks survive, save depositors funds and keep the banks off these borrowers necks, no one complained.

Now when they go to recover from defaulters like they did with Silverbird for example, the same cheated ignorant commoners are the first to cry fowl.

Some of the companies owing include:

Seaworlf Nig Ltd – 160billion

Arik Air – 300billion

Tanzila Petroleum Ltd 49.2billion

Resort Int’l Ltd – 36.3billion

Home Trust Savings – 25.75billion

Suru worldwide ventures – 24.4billion

Roygate properties- 23.26 billion

Ziglagsis network Ltd – 20.33 billion

Lexcap partners – 18billion

Anyiam Osigwe Ltd – 17.25billion

Silverbird – 11 billion

Wokson International – 5 billion

From the figures above:

Arik alone is owing more than the 2018 Ministry of Transportation budget which is N263 billion.

Seaworlf Nig Ltd, is also owing more than the 2018 Ministry of Defence budget which is N145 billion.

In this country, when we say there is a conspiracy of the rich against the poor, this is a clear evidence.

The real lines are divided between us and them. The wall holding us back is between the rich and the poor. Not PDP and APC. Not Christians and Muslims. Not Igbo, Yoruba or Hausa.

We must rise up and #TakeOurCountryBack

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