AMCON, AMPs deepen partnership to recover N4.6trn debt

The Asset Management Corporation of Nigeria (AMCON) is collaborating with all stakeholders especially the Asset Management Partners (AMPs) in its efforts to recover its over N4 trillion debt. The AMP scheme was established in 2016 with a mandate to locate debtors, identify their pledged and unpledged assets, enhance the value of Eligible Bank Assets (EBAs), […]

The Asset Management Corporation of Nigeria (AMCON) is collaborating with all stakeholders especially the Asset Management Partners (AMPs) in its efforts to recover its over N4 trillion debt.

The AMP scheme was established in 2016 with a mandate to locate debtors, identify their pledged and unpledged assets, enhance the value of Eligible Bank Assets (EBAs), and negotiate settlements in accordance with AMCON guidelines.

Managing Director/CEO of the corporation, Mr. Gbenga Alade during an interactive session with newsmen in Abuja stated that its 500 staff strength might not be enough to cope with its over 12,000 portfolios.

Head, Corporate Communications Department, AMCON, Jude Nwauzor in a statement quoted the CEO as underscoring the importance of the AMP scheme when he urged the AMPs to take the AMCON debt recovery assignment seriously.

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Alade said, “You must not underrate your importance to the Corporation. You are indeed very critical to our success, as our workforce of less than 500 personnel with offices in Lagos and Abuja may not effectively cope with the over 12,000.00 portfolios in our inventory. Accordingly, the imperative of deepening our mutual synergy is readily apparent.

“With an inevitable Sunset date and recalcitrant debtors, a high premium is placed on debt recovery efforts to ensure that the Corporation achieves its statutory mandate. In other words, with a looming Sunset date, it is necessary that you are more aggressive in your debt recovery drive.

“We are not oblivious to the herculean challenges confronting you in your debt recovery strides.  Certainly, debt recovery has never been easy. However, most of you have surmounted these hurdles with excellent performance to your credit.”

Welcoming the AMPs to its inaugural interactive session since the assumption of the current executive management of AMCON, the Executive Director in charge of Resolution, Mr Adeshola Lamidi, said the Corporation has decided to take its relationship with the appointed AMPs to the next level.

He also assured that it would be mutually beneficial to both the AMPs and AMCON.

Reassuring the AMPs of the decision of the AMCON management to continue the partnership programme, Lamidi said sessions such as this, would provide a timely and strategic opportunity to reflect on journey so far, re-evaluate recovery strategies and pave the way forward for better effectiveness, and efficiency in conducting this national assignment. AMCON, AMPs deepen partnership to recover N4.6trn debt