AMCON Seeks Judiciary Support for Timely Debt Recovery

23rd November 2024

Managing Director and CEO of Asset Management Company of Nigeria (AMCON), Mr. Gbenga Alade, has urged the judiciary to expedite the adjudication of AMCON-related cases within the 60 to 90-day timeframe stipulated by the AMCON Act. This, he argues, is crucial to the corporation's success in recovering billions of naira in outstanding debts.

Speaking at a recent Stakeholders Retreat with the Senate Committee on Banking, Insurance, and other Financial Institutions in Lagos, Alade remarked that judicial support is crucial in addressing AMCON's extensive backlog of over 3,000 cases.

“We have more than 3,000 cases in various courts around the country; from the court of first instance to the Supreme Court. We have continued to deepen our interaction with the leadership of these courts.”

Alade explained that AMCON’s recovery efforts are increasingly reliant on judicial efficiency. "Our hope is that AMCON cases would be adjudicated within the time limit enshrined in the AMCON Act," he stated, underscoring that they are not seeking anything beyond what the law stipulates.

He implored the senators to continue to assist in raising awareness among government agencies about the risks associated with engaging with debtors (contractors) who have outstanding liabilities with AMCON.

Despite initial challenges, Alade reported significant progress in recoveries, with AMCON having recovered approximately N2.011 trillion to date. This figure comprises 44 per cent in cash recoveries and 56 per cent from sale of proprietary assets, clawback, and repurchases, among others.

The corporation has successfully disposed of assets valued at around N651 billion since its inception, contributing to job preservation and business rescues across Nigeria.