The Asset Management Corporation of Nigeria, AMCON, has reaffirmed its commitment to recovering over N4.6 trillion in outstanding debt by deepening collaboration with Asset Management Partners, AMPs.
This is part of a renewed strategic push under its new executive management led by Managing Director/CEO, Mr. Gbenga Alade.
At an interactive session held in Abuja over the weekend, AMCON engaged its AMPs to reinforce cooperation in line with its national mandate.
The Executive Director of Resolution, Mr. Adeshola Lamidi, emphasized a shift toward proactive, results-driven debt recovery initiatives that rely heavily on the contributions and professionalism of AMPs.
“Our success depends greatly on you,” Lamidi told the partners, highlighting that while AMCON has made substantial progress since inception, more aggressive and strategic efforts are now needed.
He added that the Corporation’s goals remain rooted in its original dual mandate: stabilizing the financial system and recovering non-performing loans acquired from banks.
The event marked the first formal engagement between the AMPs and the new AMCON leadership.
Lamidi reaffirmed management’s commitment to ethical standards and operational excellence while leveraging the AMPs’ expertise to trace obligors, identify assets, and negotiate recoveries.
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Alade stressed the vital role AMPs play, given AMCON’s limited human resources and vast debt portfolio exceeding 12,000 cases. He called on the partners to step up their recovery efforts, particularly in light of AMCON’s looming Sunset Clause deadline.
Alade pointed out significant legal infrastructure now backing AMCON’s mission, including the Federal High Court Rules, 2024, and the establishment of a dedicated Insolvency Unit within the court.
This specialized unit—initially in Abuja and soon to be extended to Lagos, Port Harcourt, Enugu, Kano, and Kaduna—will expedite asset recovery and enforce AMCON’s statutory powers.
The Court of Appeal’s Fast Track Practice Directions, introduced in 2021, and recent provisions in the 2024 Supreme Court Rules further reinforce AMCON’s recovery framework, enabling more efficient litigation and enforcement.
Since the AMP scheme’s launch in 2016, AMCON has leveraged private sector expertise to resolve debts categorized above and below N100 million. Beyond recoveries, the initiative aims to catalyze job creation and establish a professional sub-sector in asset resolution.
This year’s session, themed AMCON Debt Recovery in Renewed Hope Paradigm, featured presentations on asset tracing, EFCC collaboration, AMCON’s special powers, and the 2024 Federal High Court rules, all designed to equip AMPs with enhanced tools for recovery.
AMCON was created in 2010 as a crisis-response vehicle to stabilize Nigeria’s banking sector. With several successful recoveries recorded, the Corporation is now focused on its final and most difficult phase—retrieving trillions still owed by recalcitrant obligors.
Crediblenewsng.com
