Nigerian economy is on the stranglehold of debt. At the national, sub-national, corporate and individual levels, debts owed to banks have held the economy to a stranglehold, impeding real economic growth though policymakers are not admitting same. Since the financial crisis of 2008, corporate indebtedness has almost wiped out the assets of companies in the country.
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Many of the companies operating are mere paper companies living on borrowed times of AMCON. Of the existing ten largest depots in the country, eight are under the hold of AMCON. The airlines are not spared. The airlines flying in the country today are doing so by the grace of AMCON.
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The same is the case with the manufacturing sector, where the largest of these firms owe the banks and their debts have been taken over by AMCON. If AMCON decides to liquidate companies owing it and sell all their assets to recover its money, Nigeria will have no company in existence.