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BANKING & FINANCECOVERNEWSLETTER

AMCON Recovers N1.4tn From Bank Debtors

AMCON Recovers N1.4tn From Bank Debtors

Assets Management Corporation of Nigeria (AMCON) says it has been able to recover about N1.48 trillion out of N4.158 trillion owed by bank debtors.

The Managing Director of AMCON, Ahmed Kuru, disclosed this in Kaduna at the 2021 retreat of the Senate Committee on Banking Insurance and other Financial Institutions with the management of AMCON, a statement issued on Monday said.

He stated that the commission had yet to recover N3.1 trillion outstanding loans from 7,902 outstanding obligors, adding that 350 obligors alone accounted for over N2.05 trillion, which constitutes more than 70 per cent of total outstanding amount.

AMCON MD said, “The Managing Director/CEO of AMCON Mr Ahmed Kuru, told the committee that AMCON was strongly battling with its debt recovery activities.

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“All our action is geared towards settling our obligation with the CBN. After recovery and disposal, funds are paid directly into our CBN account.

“Recovery and disposal of assets have so far contributed above N1.27tn towards settling our obligation. The economy and the banking industry are not growing at the expected rate thereby creating a huge gap in our recovery activities.

“At the recovery rate we are currently experiencing; we may not be able to cycle out even in the next five years. Additionally, the interest rate AMCON is shouldering on its bond to the CBN is making it difficult for the recovery rate to grow,” he added.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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