Business Hilights
Tracking Nigeria's Headline Business News Online

AMCON recovers N681bn from chronic debtors in 6 years

The Asset Management Corporation of Nigeria (AMCON) has said it has successfully recovered over N681.5billion from chronic debtors in the last six years of its operation.

Managing Director, Alhaji Ahmed Kuru, said in Abuja on Monday, said the amount was recovered from the debtors in form of cash, properties and shares.

According to him, most of the recoveries were made possible through court-sanctioned settlements or outright judgment.

He also said AMCON had at least N1.7trillion worth of assets under litigation across the country, adding that “this underscores the need for an effective resolution mechanism through the courts’’.

Business Hilights recalls that AMCON was primarily established to tackle the issue of non-performing loans from the books of banks and to restructure such banks.

The agency also has special powers to ensure that recalcitrant debtors are unable to deploy legal technicalities to slow the pace of legal process.

Kuru said “We realize that when all other resolution strategies fail, we have to resort to the courts in order to exercise our special enforcement powers”.

“We understand the crucial role of the judiciary, that is why we always look forward to opportunities like this where we can share some of our unique experiences towards ensuring that justice is done in all our cases based on a thorough understanding of the unique regime under which AMCON was established,’’ he said.

He reassured that the agency would continue to partner with various arms of government especially the judiciary in furtherance of its mandate.

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