We’ve Recovered Over 82% Of N1.7tr Cost Of Acquiring 22 Distress Banks- AMCON

Caption: Executive Director, AMCON Dr Eberechukwu Uneze in a group photograph with top officials of AMCON and the cadets and their leaders at the head office of AMCON in Abuja

The Asset Management Corporation of Nigeria (AMCON) says it has so far recovered over N1.4tr, or 82.35% of the total N1.76tr it paid to acquire Eligible Bank Assets from 22 banks with total outstanding balance of N3.6trillion at its birth in 2010.
This, according to Dr Eberechukwu Uneze, AMCON’s Executive Director, remains a feat never achieved by any other Asset Management Company (AMC) anywhere in the world.
Uneze who represented the Managing Director/Chief Executive Officer of the corporation, Ahmed Kuru, spoke while receiving a delegation from the Nigerian Defence Academy (NDA) at AMCON Head office, Abuja.
He said the recovery rate is the highest so far when placed side-by-side with other AMCs across the globe.
The delegation, which was led by Dr SG Joshua and Dr Lateef Mustapha both lecturers at the academy include about 30 young cadets of 300-level in Accounting Department of the NDA.
A statement by Jude Nwauzor, Head Corporate Communications Department of AMCON said the cadets and their leaders were at AMCON on a mandatory educational field trip as demanded by both the Nigeria University Commission (NUC) and NDA. The field trip is one of those experiential engagements cadets in the academy must participate in before graduation.
The Executive Director who hosted the cadets alongside other senior officials of the corporation, described the field trip, which he said has become an annual tradition as a welcome initiative, as it provides the corporation the opportunity to give back to society by imparting knowledge, which will take the students steps ahead in their theoretical and practical knowledge of accounting.

Caption: Executive Director, Asset Management Corporation of Nigeria (AMCON), Dr Eberechukwu Uneze (right) Dr S.G Joshua who led the delegation from NDA discussing a matter of interest during the visit.
During the engagement, Group Heads and Heads of Departments in the Corporation took turns to take the cadets through the day-to-day operational activities in accounting department as well as every other department in the Corporation. They were also tutored in some challenges that confront AMCON, the concept of a “bad bank”, real-life application of technical jargons including the internal audit process, bookkeeping, Corporate Services, Valuation and Insurance, Corporate Communications, Human Resource Management, Asset Sales, among others.
Other senior staff of the Corporation who were on hand to further enrich the knowledge base of the cadets include Najib Suleman, Head, Strategy, Olugbenga Ataiyero, Chief Finance Officer, Muhammad Buba, Head Internal Control, Hassan Tanko, Group Head, Operations, Iyatum Adode-Kobiti, Group Head, Corporate Services, Mamuda Shehu, Head Human Resources and Saád Ahmed, Head Inter-Governmental Relations Department, among others.