The Asset Management Corporation of Nigeria (AMCON ) is currently enmeshed in court cases involving nearly 3,000 debtors in its bid to recover bad debts in various courts in the country.
This was made known on Sunday in a statement titled ‘Recovery for N5tn debt burden, AMP scheme pivotal – AMCON CEO’, after the duration of a two-day training for Asset Management Partners of debt recovery corporation which held 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 noted that through its partners, it was imperative that every case was properly captured as they progressed in the courts.
The Managing Director/Chief Executive Officer, AMCON, Mr. Ahmed Kuru, said five years after AMCON introduced the AMP initiative, it has served as a key resource in the recovery efforts of the corporation and vital to its success.
According to the AMCON statement, the corporation is making efforts to recover over N5tn from obligors that had remained unwilling to repay their debt.
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It said of this figure, the government agency had informed Nigerians that only 350 obligors alone accounted for N3.6tn, which was over 82 percent 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.
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