By Collins Nweze
The Asset Management Corporation of Nigeria (AMCON) has tasked its Asset Management Partners (AMPs) to ensure speedy recovery of N5 trillion debt being owed the corporation.
Speaking at a two-day training for AMPs in Lagos, AMCON Managing Director/CEO, Ahmed Kuru, described the initiative as a major tool in the recovery efforts of the corporation and key to its success.
He said the AMPs’ scheme currently has 6,000 Eligible Bank Assets (EBAs) at different stages of resolution and about 3,000 matters in various courts across the country.
Through the AMPs, AMCON said, it is essential that each of the cases is properly captured as it progresses in the courts.
AMCON said the debtors were unwilling to repay their debts as only 350 obligors alone account for a whopping N3.6 trillion, which is over 82 per cent of the outstanding exposure.
Kuru, who was represented by the agency’s Group Head of Enforcements, Aliyu Kalgo, stressed that if recovered, the fund would enable the Federal Government to actualise a good number of projects, such as roads, railways, electricity generation and distribution, hospitals, among others, across the country.