N5tn debt: AMCON plans to change recovery strategy

7th June 2021

The Asset Management Corporation of Nigeria has said that its Asset Management Partners scheme has resolved to change its recovery strategy. It said in a statement on Sunday titled ‘AMCON AMPs may change recovery strategy’ that it planned to make make use of AMCON’s special powers as contained in the AMCON Act 2019 as amended, which had been signed into law by the Federal Government. The statement said this was disclosed during a two-day training, which was organised by Legal Academy led by Dr. Fatihu Abba as the director-general, in conjunction with AMCON with the theme, ‘The utility of the Federal High Court proceedings rules and complementary strategies as critical tools in AMCON debt recovery by AMPs’. The training was organised to enlighten the AMPs on other powers and provisions that were available to them as they partnered AMCON to recover the huge debt of over N5tn from obligors. The AMPs scheme, which AMCON introduced five years ago when the current Managing Director/Chief Executive Officer, AMCON, Mr. Ahmed Kuru, assumed office currently had about 6,000 Eligible Bank Assets at different stages of resolution and about 3,000 matters at various courts in the country. Although the Judiciary Staff Union of Nigeria ongoing strike in the country may have delayed or stalled recovery efforts of both the corporation and the AMPs, there were indications that AMCON’s recalcitrant debtors may be in serious trouble soon as the strike action is called off and the courts resume sitting across the country, the statement said.