The Asset Management Corporation of Nigeria (AMCON) has announced that it has successfully recovered more than N1.6 trillion from its debtors through cash payments and the sale of assets. This significant recovery comes as AMCON continues to play a crucial role in stabilizing the financial system and the Nigerian economy. Speaking at a training for top judicial officers, AMCON’s Managing Director and Chief Executive, Ahmed Kuru, praised the collaboration between the corporation and the judiciary, which has contributed to notable progress in debt enforcement.
AMCON, along with the Nigerian Financial Intelligence Unit (NFIU), is recognized as one of the most vital agencies of the federal government, responsible for maintaining the stability of the financial system and the overall economy. The corporation has been working closely with the Judiciary, relying on Exparte Orders and Orders to attach traced assets to compel recalcitrant debtors to engage in negotiations. So far, AMCON has recovered a substantial amount, which includes both cash recoveries and the sale of assets.
However, AMCON faces challenges in dealing with debtors who exploit technicalities to evade their obligations. Some debtors have colluded with third parties, complicating the recovery process. Despite the achievements made, AMCON continues to confront difficulties in its debt recovery activities, given Nigeria’s unique circumstances.
Out of a total debt of N4.664 trillion, AMCON has successfully recovered about N1.6 trillion over the course of more than ten years. However, about 350 obligors still account for over 84% of the total outstanding amount, posing a threat to the economy as AMCON’s debt remains on the balance sheet of the Central Bank of Nigeria.
The training session facilitated by the Legal Academy emphasizes the importance of equipping judicial officers with the skills needed to address contemporary legal challenges, especially in the virtual era, where online transactions and economic value are on the rise. The Federal High Court acknowledges the critical role played by AMCON and NFIU in the growth of the Nigerian economy and has invited their CEOs and top officials to participate in the training.
AMCON’s Managing Director described the opportunity to participate in the training as golden, as it allows the corporation to present its case, highlight its challenges, and seek collaboration with the judiciary and other sister agencies of the federal government. The continuous collaboration between AMCON and the judiciary remains essential in fulfilling AMCON’s national assignment and addressing the challenges posed by its sunset date.
The training session emphasized the need for ongoing cooperation between AMCON, the judiciary, and other relevant agencies to ensure the stability of the financial system and the overall economy during these critical times in Nigeria’s history.