N740billion debt recovery: AMCON boss assures of Support to AMPs

N740billion debt recovery: AMCON boss assures of Support to AMPs

The Managing Director and Chief Executive Officer of Asset Management Corporation of Nigeria, AMCON, Ahmed Lawan Kuru, has restated the corporation’s resolve to support its Asset Management Partners, AMPs, in the effort to recover the 20% or N740billion of the total Eligible Bank Assets, EBAs, of AMCON portfolio of N3.7trillion that are in the hands of obligors.

Kuru made the declaration in Lagos at the 2018 edition of the AMCON/AMPs Feedback session, which ended on Wednesday.

AMPs are firms AMCON engaged in 2016 to complement its recovery efforts as part of its renewed strategy to resolve some 6,000 accounts within its portfolio of accounts.

The AMCON boss who was represented at the event by Mr. Aliyu Kalgo, the Group Head of Enforcements at AMCON, while declaring the 2-day event open noted that the Corporation placed equal importance on the ability of the partners to recover the outsourced accounts because their efforts count towards the achievement of AMCON’s core mandate.

He however urged the APMs to carry out their assignments “within the defined rules of engagement as stipulated by the AMCON Act and as seasoned professionals.”

Kuru said further, “It is a well-known fact that AMCON has a unique and limited mandate; therefore, AMCON must maximize every opportunity to state its cases with the highest quality of representation, which was why we came up with the AMP programme that have been of tremendous development in our efforts to recover debts owed the country by a few individuals who have over the years remained recalcitrant. We are very grateful for all the AMPs who work with us towards achieving our recovery mandate. We are mindful of the enormous responsibility placed on your shoulders in this regard.”

Speaking on AMCON’s plans to ensure that AMPs experience a hitch-free recovery process, he said, “We will continue to emphasise the need for more diligence even as we continue to partner with you. In the future, we will enlist AMPs who have made significant recoveries as part of the facilitators for similar events so that they will share some insights and critical success factors with us as well as their colleagues. If the recovery process was easy and straight forward we would not have engaged you in the first instance. We therefore recognise the fact that it is a challenging assignment and that is why we selected you. We promise to be with you all through the hardship and together we shall succeed.”

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The AMCON boss stressed that “these debts when recovered would go a long way to boosting the economy of the Federal Republic of Nigeria.”

Also addressing the participants, Mr. Chuka Agbu SAN urged the AMPs to explore and apply the special powers as provided by the AMCON Act in their pursuit of these recalcitrant debtors of the corporation. The legal luminary further advised the AMPs to leverage the major provisions of the AMCON Act such as bankruptcy, receivership, asset tracing amongst others in their quest to track down the obligors and eventually compel them to repay their obligations.

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