• Monday, March 04, 2024
businessday logo

BusinessDay

AMCON tasks stakeholders on efforts to recover N4trn debt

AMCON recovers N1.6tn debt since its inception – Kuru

The managing director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has again reminded stakeholders that the Corporation’s sunset period meant that it was not set up to operate in perpetuity and thus the need to apply speed in their collective recovery assignment.

He stated this at two separate engagements with AMCON External Solicitors, and Receivers as well as Asset Management Partners (AMPs) in Lagos over the weekend.

According to a press release, the AMCON CEO, who was represented at the interactive sessions by Benedict Daminabo, the Group Head of, Asset Management Directorate at the Corporation, said if at its sunset date, AMCON was unable to recover the huge debt, which currently stands at over N4 trillion, it becomes the debt of the Federal Government, a development, he said, would have huge implication for taxpayers’ monies.

Noting that critical stakeholders such as AMCON solicitors, the judiciary, Receivers and the Asset Management Partners (AMPs) have become major tools in the recovery efforts of AMCON, Kuru described the engagement, which is the Corporation’s first major interaction with stakeholders in 2023 in Lagos, as very important and strategic to its recovery efforts.

Read also: US makes almost $1trn clean energy subsidies available to investors

He said: “We (AMCON) value our relationship with all our stakeholders, and we will continue to interact, share experiences and brainstorm on the best ways for the Corporation to succeed in this national assignment. Feedbacks received from interactions with our various stakeholders’ time, and particularly from Honourable Judges from the various Courts necessitate continuous training and retraining of our stakeholders especially as it relates to challenges encountered during filling processes in Court and enforcing AMCON’s rights on obligors’ assets.

“Also, considering that the Corporation has begun to put measures in place for the eventual wind-down of its activities as it is not created to remain in perpetuity, we see working and collaborating with all our stakeholders as a matter of priority. The success of AMCON would not be adequately recorded without recognising the roles played by all stakeholders. That is why we consider our interaction with you as one of the road maps to the success story of AMCON.

“Like we always mention repeatedly and at every opportunity, all stakeholders must view the AMCON mandate as one of serious national importance. AMCON is not set up to remain in perpetuity, it has a sunset period. If at sunset AMCON is unable to recover the huge debt of over N4 Trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle.”