AMCON Recovered 134 Billion Naira In 2016
Asset Management Corporation of Nigeria (AMCON) recovered 134 billion in 2016, according to Mr Ahmed Kuru, the Managing Director/Chief Executive Officer.
Kuru said at a news conference in Lagos on Friday that 86.9 billion Naira was from cash collections while 30.64 billion Naira came from assets forfeiture.
He said that 7.9 billion Naira was realised from sale of property and 8.7 billion Naira from sale of shares.
He said that the corporation would continue to engage its obligors to enhance loans recovery, adding that AMCON would welcome customers with strategies for loan repayment within a specific period of time.
“They are quite a lot of challenges we are facing in debt recovery; we are not under illusion that it is easy to recover bad loans. Loan recovery is a very unpleasant job.”
He said that most of the customers were not willing to pay and would resort to court to seek redress.
The managing director said that court cases were slowing down the corporation’s loan recovery drive.
“Somebody can engage us for 10 years to 20 years in court and this is slowing down our operations.
Kuru said that 2016 was tougher because it was a year the country entered into recession for the first time in the last 25 years.
He said that it was difficult for people to meet their obligations due to higher inflation rate, currency devaluation, power sector challenges and drop in the price of crude oil, among others.
He said: “It was a tougher year for Nigeria and once it is tough for Nigeria, that means it is tougher for business and AMCON too.”