AMCON charges AMPs to recover N740bn banks’ bad debt
The Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru, has called on the Corporation’s Asset Management Partners (AMPs) to work hard to recover the 20 percent or N740billion of the total Eligible Bank Assets (EBAs) of AMCON’s out of the outstanding debt portfolio of N3.7trillion.
Kuru gave this charge at the 2018 edition of the AMCON/AMPs Feedback session, held in Lagos 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.
Represented by Mr. Aliyu Kalgo, the Group Head of Enforcements at AMCON, Kuru 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.
He 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, said, “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.”