AMCON Boss Pledges Support To Enable Partners Recover N740bn Debts

AMCON Boss Pledges Support To Enable Partners Recover N740bn Debts

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Post Views: 130 Managing Director/Chief Executive of Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, has pledged full support to en...

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Managing Director/Chief Executive of Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, has pledged full support to enable its Asset Management Partners (AMPs) recover the target 20% or N740bn of the total Eligible Bank Assets (EBAs) of the N3.7tr total portfolio from obligors.
Declaring the 2018 edition of the two-day AMCON/AMPs Feedback session which ended Wednesday in Lagos open, Kuru said the corporation placed equal importance on the ability of the partners to recover the outsourced accounts.
AMPs are firms AMCON engaged in 2016 to complement its recovery efforts as part of its renewed strategy to resolve some 6,000 accounts within its portfolio of accounts.
Represented by Aliyu Kalgo, the Group Head of Enforcement at the corporation, the AMCON boss stressed the importance of the partners towards achieving its core mandate, urging them to discharge their assignments within the defined rules of engagement as stipulated by the AMCON Act and as seasoned professionals.
The corporation, he continued, has a unique and limited mandate, following which it “must maximize every opportunity to state its cases with the highest quality of representation, which was why we came up with the AMP programme that have been of tremendous development in our efforts to recover debts owed the country by a few individuals who have over the years remained recalcitrant.”
He expressed gratitude to all the partners who work to achieve AMCON’s recovery mandate, “mindful of the enormous responsibility placed on your in this regard.”
On the plans of AMCON to ensure that AMPs experience a hitch-free recovery processes, Kuru said the debt, when recovered, would boost Nigeria’s economy.
“We will continue to emphasise the need for more diligence even as we continue to partner with you. In the future, we will enlist AMPs who have made significant recoveries as part of the facilitators for similar events so that they will share some insights and critical success factors with us as well as their colleagues.
“If the recovery process was easy and straight forward, we would not have engaged you in the first instance. We therefore recognise the fact that it is a challenging assignment and that is why we selected you. We promise to be with you all through the hardship and together we shall succeed,” he added.
Also addressing the participants, Chuka Agbu SAN urged the AMPs to explore and apply the special powers provided in the AMCON Act to pursue the corporation’s recalcitrant debtors.
He further advised the AMPs to leverage the major provisions of the AMCON Act such as bankruptcy, receivership, asset tracing amongst others in their quest to track down the obligors and eventually compel them to repay their obligations.
Presentations were also made from representatives of various directorates in the corporation such as Benedict Daminabo, Usman Abubakar, Kayode Alawonde, Kunle Olalekan, Mrs. Ibironke Ifederu, Ahmadu Tijani Abbas, Aaron Agada, Suleiman Ibrahim, Richard Olonishuwa, Mrs. Bridget Akika and Andrew Eyo, who represented Hassan Tanko.

Photo Caption: Aliyu Kalgo, the Group Head of Enforcements at Asset Management Corporation of Nigeria (AMCON) and representative of AMCON MD, Mr. Ahmed Lawan Kuru (sitting middle) with a cross-session of participants and some staff of AMCON at the just concluded AMCON/AMP Feedback Session in Lagos.

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