AMCON charges partners to recover N740 billion debt
The Asset Management Corporation of Nigeria (AMCON) has pledged its support to efforts at recovering the N740 billion out of the N3.7 trillion total debt portfolio in the hands of the obligors.
The amount, representing 20 per cent of the total debt, is the estimated value of Eligible Bank Assets (EBAs) which the debt recovery partners of AMCON, Asset Management Partners (AMPs), are assigned to pursue.
The Managing Director and Chief Executive Officer of AMCON, Ahmed Lawan Kuru, reiterated the pledge at the end of AMCON/AMPs feedback session held in Lagos, yesterday.
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.
Kuru, who was represented by his Group Head of Enforcements, Aliyu Kalgo, said the corporation gave equal importance to the ability of the partners to recover the outsourced accounts because their efforts count towards the achievement of AMCON’s core mandate.
He urged them to discharge their assignments within the defined rules of engagement as stipulated by the AMCON Act and as seasoned professionals.
“It is a well-known fact that AMCON has a unique and limited mandate, therefore, the corporation must maximise every opportunity to state its cases with the highest quality of representation.
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