The Asset Management Corporation of Nigeria (AMCON), has recovered no less than N1.4 trillion from its debtors. This is according to the agency’s Managing Director (MD) and Chief Executive Officer (CEO), Ahmed Duru.
During his presentation at this year’s edition of the House of Representatives Committee on Banking, and Currency retreat with the management of AMCON among other stakeholders, where he made this disclosure, Duru explained that the recoveries are made up of cash – N681 billion; property forfeiture – N279 billion; share forfeiture – N140 billion; and other strategic assets – N208 billion.
He similarly stated that a total cash recovery of more than N116.9 billion had so far been recovered from Polaris Bank’s Eligible Bank’s Assets (EBAs).
Duru who was represented at the event by Matthew Coker, who is AMCON’s Group Head, Asset Management Directorate, noted that in spite of the Special Powers as provided by the Act, AMCON still struggles with implementation. Although he blamed this on the country’s judicial system.
“The Corporation’s recovery processes at this point majorly depends on the Judiciary i.e., Obtaining Possessory Orders or Orders for sale.
“The slow pace of our court processes and sometimes conflicting orders by the Courts, especially at the Federal High Court (FHC), which is our Court of the first instance frustrate the recovery process. There are delays in obtaining dates in the Court to hear AMCON matters.
“Deposit of judgment sum as provided for in the act is not enforced by the Courts, some of the obligors are still active contractors of the government.
“They carry out businesses with the government with debtor company names or other pseudo names and the BOFIA Act that provided for a Special Tribunal on recovery and enforcements would have hastened the adjudication of our matters in Court if the Judiciary had constituted a task force specifically in that regard,” Duru was quoted as saying.
