70% AMCON Recovery Rate, Highest in World – Management

12th April 2023

Having achieved over 70 per cent recovery rate, Asset Management Corporation of Nigeria (AMCON) has said its recovery rate remains the highest amongst its Assets Management Companies (AMC) across the world.

Executive Director at AMCON, Dr Eberechukwu Uneze noted that AMCON has so far recovered over N1.4trillion out of the total N1.76trillion it paid to acquire Eligible Bank Assets from 22 banks with total outstanding balance of N3.6trillion when AMCON was created in 2010, a feat never achieved by any other Asset Management Company (AMC) anywhere in the world.

Uneze who represented the managing director and chief executive of AMCON, Mr Ahmed Kuru, whilst receiving a delegation from the Nigerian Defence Academy (NDA) at AMCON Head office, Abuja, said the recovery rate accounts for over 70 per cent achievement, which is the highest so far when placed side-by-side with other AMCs across the globe.

The delegation, which was led by Dr SG Joshua and Dr Lateef Mustapha both lecturers at the academy include about 30 young cadets of 300-level in Accounting Department of the NDA were in AMCON on a mandatory educational field trip as demanded by both the Nigeria University Commission (NUC) and NDA. The field trip is one of those experiential engagements cadets in the academy must participate in before graduation.

The Executive Director who hosted the cadets alongside other senior officials of the Corporation, described the field trip, which he said has become an annual tradition as a welcome initiative, as it provides the Corporation the opportunity to give back to society by imparting knowledge, which will take the students steps ahead in their theoretical and practical knowledge of accounting.

During the engagement, Group Heads and Heads of Departments in the Corporation took turns to take the cadets through the day-to-day operational activities in accounting department as well as every other department in the Corporation. They were also tutored in some challenges that confront AMCON, the concept of a “bad bank”, real-life application of technical jargons including the internal audit process, bookkeeping, Corporate Services, Valuation and Insurance, Corporate Communications, Human Resource Management, Asset Sales, among others.