AMCON Drags 3,000 Defaulters To Court Over N5tn Debt

The Asset Management Corporation of Nigeria is currently
pursuing bad debts of about 3,000 debtors in various courts in the
country.

It disclosed this on Sunday in a statement titled ‘Recovery for
N5tn debt burden, AMP scheme pivotal – AMCON CEO’, after a two-day
training for Asset Management Partners of AMCON in Lagos.

“The AMPs scheme of the government agency currently has about
6,000 Eligible Bank Assets at different stages of resolution and
about 3,000 matters at various courts in the country,” the
corporation said.

AMCON said through the AMPs, it was essential that each of the
cases were properly captured as they progressed in the courts.

The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed
Kuru, said five years after AMCON launched the AMP scheme, the
initiative had been a major tool in the recovery efforts of the
corporation and key to its success.

The statement recalled that AMCON was making efforts to recover
over N5tn from obligors that had remained unwilling to repay their
debt.

It said of this figure, the government agency had informed
Nigerians that only 350 obligors alone accounted for N3.6tn, which
was over 82 per cent of the outstanding exposure.

If recovered, it said, it would be enough for the Federal
Government to actualise a good number of projects such as roads,
railways, electricity generation and distribution, hospitals, and
the like across the country.

The Asset Management Corporation of Nigeria is currently
pursuing bad debts of about 3,000 debtors in various courts in the
country.

It disclosed this on Sunday in a statement titled ‘Recovery for
N5tn debt burden, AMP scheme pivotal – AMCON CEO’, after a two-day
training for Asset Management Partners of AMCON in Lagos.

“The AMPs scheme of the government agency currently has about
6,000 Eligible Bank Assets at different stages of resolution and
about 3,000 matters at various courts in the country,” the
corporation said.

AMCON said through the AMPs, it was essential that each of the
cases were properly captured as they progressed in the courts.

The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed
Kuru, said five years after AMCON launched the AMP scheme, the
initiative had been a major tool in the recovery efforts of the
corporation and key to its success.

The statement recalled that AMCON was making efforts to recover
over N5tn from obligors that had remained unwilling to repay their
debt.

It said of this figure, the government agency had informed
Nigerians that only 350 obligors alone accounted for N3.6tn, which
was over 82 per cent of the outstanding exposure.

If recovered, it said, it would be enough for the Federal
Government to actualise a good number of projects such as roads,
railways, electricity generation and distribution, hospitals, and
the like across the country.