AMCON Set To Recover N240bilion Bad Debt

The Asset Management Corporation of Nigeria, AMCON, has deployed a new strategy to recover about N240 billion bad loans acquired from banks in recent past.

In view of this, the corporation on Thursday, May 5, launched its induction programme for successful firms that qualified as its Asset Management Partners (AMPs).

The AMPs are consortiums with specialist skills required to ensure recovery and debt resolution; banking, legal, valuation and accounting.

Kola Ayeye, AMCON Executive Director, who represented  Ahmed Kuru, Managing Director/CEO, said collaborating with AMPs had become necessary because the corporation has a total loan portfolio of over twelve thousand loans of various sizes from different sectors that are still lingering six years after AMCON was established.

According to him, when this is compared to AMCON’s staff strength of approximately three hundred, it was obvious AMCON surely needed a strategic approach to improve coverage and result.

AMCON’s director said the trend aimed at strengthening recoveries is the rationale for appointing AMPs, stating that, “that is the reason we are all here today to work together in resolving the over six thousand accounts with loan balances of N100 million and below. We are convinced that the AMP programme is key to the success of AMCON, and we will give you all the necessary support to make you succeed in this exercise.”

He reminded participants that the job of debt recovery was never an easy task and promised that AMCON would during the course of the event share a set of rules, practices and processes, which would help each AMP deliver optimally, adding, “We will provide you with a feedback channel that will attend to all your professional needs and also provide necessary guidance.”