AMCON retrieves N681 billion from ‘chronic debtors’

The Asset Management Corporation of Nigeria (AMCON) has recovered over N681.5 billion from chronic debtors in the last six years.The Managing Director of AMCON, Alhaji Ahmed Kuru disclosed this to the News Agency of Nigeria in Abuja yesterday during an interactive session with judges of the Federal High Court.

According to Kuru, the amount was recovered from the debtors in form of cash, property and shares.He stated that most of the recoveries were made possible through court-sanctioned settlements or outright judgments.

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

The AMCON boss expressed the hope that all matters brought before the courts by the corporation would continue to receive the urgent attention they deserve.“We hope that there will be more opportunities for collaborations like this in the future,” he explained.

Kuru said the presentations would focus on the role of AMCON as an intervention agency of the Federal Government in rescuing banks and saving Nigeria’s economy from collapse.

According to him, three topics meant to enrich the understanding of the judges in appreciating the scope of AMCON’s mandate and its application in real life situations had been selected for discussion during the interactive session.

The topics are “Receivership under the AMCON Act, scope and application”, “Role of the Judiciary in Effective and Efficient Recovery of AMCON Debts” and “Comprehensive Appraisal of the Special Powers of AMCON under the AMCON Act and the AMCON Practice Directions.”

The Administrator of the National Judicial Institute, Mrs. Rosaline Bozimo, urged judicial officers to partner with AMCON to enable it recover bad debts across the country.
She said that such intervention was imperative because “monstrous debtors” had continued to utilise the judicial system and legal technicalities to frustrate the debt recovery efforts of AMCON.

“I believe the fundamental concern that principally underscores AMCON’s efforts to engage my lords on these special powers that constitute a paradigm shift in conventional debt recovery roadmap cannot be over-emphasised,” she added.