Monday , December 10 2018
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AMCON expects N740bn asset recoveries from AMPs

Managing director, Asset Management Corporation of Nigeria, AMCON, Ahmed Kuru, has again pledged the full support of AMCON to its Asset Management Partners, AMPs, in the pursuit to recover the 20 per cent or N740billion of the total Eligible Bank Assets, EBAs, of AMCON portfolio of N3.7 trillion that are out in the hands of obligors.

He made the declaration in Lagos at the 2018 edition of the AMCON/AMPs Feedback session, which ended 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.

The AMCON boss who was represented at the event by the Group Head of Enforcements at AMCON, Aliyu Kalgo, while declaring the two-day event open said the Corporation placed equal importance on the ability of the partners to recover the outsourced accounts because their efforts count towards the achievement of AMCON’s core mandate, just as he urged the APMs to discharge their assignments within the defined rules of engagement as stipulated by the AMCON Act and as seasoned professionals.

Kuru said, “It is a well-known fact that AMCON has a unique and limited mandate; therefore, AMCON must maximize every opportunity to state its cases with the highest quality of representation, which was why we came up with the AMP programme that have been of tremendous development in our efforts to recover debts owed the country by a few individuals who have over the years remained recalcitrant. We are very grateful for all the AMPs who work with us towards achieving our recovery mandate. We are mindful of the enormous responsibility placed on your in this regard,” he assured.

On the plans of AMCON to ensure that AMPs experience a hitch-free recovery processes, Kuru, who argued that these debt when recovered would go a long way to boosting the economy of the Federal Republic of Nigeria added, “We will continue to emphasise the need for more diligence even as we continue to partner with you. In the future, we will enlist AMPs who have made significant recoveries as part of the facilitators for similar events so that they will share some insights and critical success factors with us as well as their colleagues. If the recovery process was easy and straight forward we would not have engaged you in the first instance. We therefore recognise the fact that it is a challenging assignment and that is why we selected you. We promise to be with you all through the hardship and together we shall succeed.”

Also addressing the participants, Chuka Agbu, SAN, urged the AMPs to explore and apply the special powers as provided by the AMCON Act in their pursuit of these recalcitrant debtors of the corporation. The legal luminary further advised the AMPs to leverage the major provisions of the AMCON Act such as bankruptcy, receivership, asset tracing amongst others in their quest to track down the obligors and eventually compel them to repay their obligations.

Other people who made presentations at the programme from the different directorates of the corporation included Benedict Daminabo, Usman Abubakar, Kayode Alawonde, Kunle Olalekan, Ibironke Ifederu, Ahmadu Tijani Abbas,  Aaron Agada,  Suleiman Ibrahim, Richard Olonishuwa, Bridget Akika and Hassan Tanko, who was represented by Andrew Eyo.

 

About Lanre Oyetade

A multiple award winner in Economics and business journalism, Lanre Oyetade has served close to two decades in the media industry, spanning different notable stables, where he is privileged to have risen to the position of a title editor. A masters degree holder in Economics from the University of Lagos and doctoral student at the Babcock University, he is a winner of the prestigious NMMA Capital Market Award for two consecutive years (2004 & 2005), and was also a nominee for the body’s banking and finance and money market awards for two years. In 2013, he also won the Most Outstanding Business-Reporting Title Editor award of the National Institute of Marketing of Nigeria (NIMN). A minister in the LORDS’s vineyard, he has been an inspirational speaker and resource person at many corporate and religious fora since early 2004, and has so far authored three books on the capital market; on personal effectiveness, and on personal finance, in 2008 and 2014, respectively.