14th March 2019
Managing director/CEO, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, hinted that AMCON may disengage Asset Management Partners (AMPs) that cannot cope with the speed and enormous challenges of debt recovery expected by the Corporation. He also promised that the Corporation may assign more accounts to AMPs that have shown aggression and zeal based on the review of the AMP scheme so far. He made this declaration recently at the 2019 edition of the AMCON/AMPs Interactive/Feedback Session in Abuja.
AMPs are consortiums appointed by AMCON after a rigorous selection process with specialist skills required to ensure recovery and debt resolution; banking, legal, valuation and accounting. Kuru said that collaborating with AMPs became necessary because AMCON has a total loan portfolio of over 12,000 loans of various sizes and sectors that are still lingering many years after the corporation was established. He also explained that when this is compared to AMCON’s staff strength, it became obvious that the corporation surely needed a strategic approach to improve coverage, recovery and results.
Kuru further disclosed that the AMPs are currently handling over 6,000 accounts within AMCON portfolio. Although in terms of weight, the accounts, which have been outsourced to AMPs constitute only 20 per cent or N740 billion of the total EBA portfolio of N3.7 trillion. He insisted that AMCON places equal importance on the recovery efforts as they count towards the achievement of the corporation’s core mandate as part of its renewed strategy to resolve these loans…