Justice Nnamdi Dimgba of the Federal High Court, Asaba at the weekend in Lagos called for concerted efforts by critical stakeholders, especially the judiciary, to enable the Asset Management Corporation of Nigeria (AMCON) recover its over N5tr outstanding debt.
Dimgba, who was the guest speaker at the 2019 Annual Seminar for External Solicitors and Asset Management Partners (AMPs), stressed that the task to strengthen AMCON’s recovery drive remains a national concern and a huge burden on the judiciary and the entire country.
The seminar tagged “The Dynamic and Proactive Deployment of AMCON Special Powers and Alternative Dispute Resolution in the Effective and Efficient Resolution of Troubled Assets” was co-organised by Legal Academy led by Dr. Fatihu Abba.
Justice Dimgba, who spoke on “Responsibilities and Liabilities of Receivers/Managers Under the AMCON Regime and the Relevance of Winding-up/Bankruptcy Proceedings and Liquidation in AMCON’s Recovery Drive,” called on the judiciary to partner AMCON, thereby ensuring that the corporation meets its mandate before the fast approaching sunset. He said the issue of AMCON’s recovery drive has become a complex question that has vexed the thoughts and deliberations of policymakers; AMCON executives; and even the average Nigerian citizen (as AMCON oversees funds that trace their roots to the taxpayer).
Speaking earlier, Ahmed Lawan Kuru, Managing Director/CEO of AMCON set the tone of discussion urging the AMCON and its Asset Management Partners (AMPs) to take advantage of the special provision on accelerated hearing of AMCON matters, especially as the Practice Rules allow the courts to sit from day-to-day, and even on the weekends, at their discretion.
He said AMCON has noticed increased incidences of obligors taking advantage of the appeal process to deny the corporation the benefit of favourable judgments obtained, adding that AMCON now knows that an opportunity is available to request the courts to order litigants to deposit judgment consideration with court registrars. This, he believes, will mitigate the practice of obligors deliberately dragging their matters in court.
Supporting Kuru’s position, Dimgba challenged members of AMCON’s external council to familiarize themselves with the laws of the country, the AMCON Act as amended; the practice direction; the Federal High Court AMCON Proceeding Rules 2018 and the Federal High Court Alternative Dispute Resolution (ADR) Rules, 2018, which he said will better equip them to reasonably assist AMCON, as well as the nation, recover the humongous debt obligation of AMCON.
Dimgba said the success of AMCON in this regard will help stabilize the economy of Nigeria, expressing regret that AMCON’s efforts to recover its outstanding non-performing loans stands at a paltry 20%.
The judge disclosed that these alarming figures require that all stakeholders assist AMCON to fully utilize its statutory powers, in order to deliver its mandate under the AMCON Act, just as the country’s economy stands to benefit a lot from the recovery.
“At the time its enactment in 2010, the letter and spirit of the AMCON Act was not too different from the laws on insolvency and bankruptcy that had hitherto existed in the country in that its chief aim was to ensure that the creditors of a financially sick company did not suffer total loss of their investments in the said company. The general feeling appears to be that the AMCON Act was pro-creditors. Thus, even though hailed for being innovative in many regards, as at the time it was enacted, no commendations could have been due on the basis of being interested in the business rescue of the debtor-company,” the judge stressed.
“However, the amendment to the AMCON Act, in 2015, which was a response from the calls by stakeholders, gave AMCON the additional responsibility to do what is legally possible and reasonable to “recover” the finances of the ailing company and make it financially viable again.”
Other speakers, including Francis Chuka Agbu, Managing Partner of Lexavier Partners; Justice A. M. Liman; Justice I.N. Buba; Justice C.M.A. Olatoregun and Olugbenga Bello were unanimous in urging AMCON’s external council go all out to help actualize its mandate.

Photo Caption From right to left: Justice Nnamdi Dimgba, Saidu Jallo, AMCON Company Secretary/Legal Adviser; Olugbenga Bello and Justice I.N. Buba at the 2019 AMCON Annual Seminar for External Solicitors and Asset Management Partners (AMPs) co-organised by Legal Academy…in Lagos.