The Assets Management Corporation of Nigeria (AMCON) has said that its initiative, the Asset Management Partners (AMP) is essential to the recovery of the over N5 trillion debts from obligors.
AMP is also expected to work on resolving 3,000 of the cases at various courts in the country.
Speaking at a two-day training for AMPs at the weekend, the managing director and chief executive of AMCON, Ahmed Kuru, described the initiative as a major tool in the recovery efforts of the corporation and key to its success.
According to Kuru, the AMPs scheme of the government agency currently has about 6,000 Eligible Bank Assets (EBAs) at different stages of resolution and about 3,000 matters at various courts in the country.
AMCON is currently chasing to recover over N5trillion from obligors that have remained unwilling to repay their debts. Of this, 350 obligors account for N3.6 trillion, which is over 82 per cent of the outstanding exposure.
Represented by Aliyu Kaglo, Kuru, noted that with all these facts and negative effect on the economy, “the AMP concept, which is playing a pivotal role in the recovery exercise, must scale up efforts because it would not be fair to allow this crop of obligors that have collectively destroyed the commonwealth of Nigerians escape justice.”
In his keynote address, he explained that AMCON has made significant milestones even though the application of the concept and achievement have not mitigated some key challenges.
To this end, he promised that AMCON has and will continue to engage with different stakeholders, especially, the AMPs, to ensure that they understand the AMCON Act as amended.
Disclaimer: The Post New Initiative To Help Recover N5trn Debts –AMCON was first Published by Bukola Idowuon leadership.ng.