AMCON Recovers 731 Billion Naira From Bank Debtors
The Asset Management Corporation of Nigeria, AMCON has recovered a total of 731 billion naira from bank debtors since its inception in 2010 to December 2017.
Out of this amount, properties accounted for approximately 35%.
The corporation has restructured its processes from within in anticipation of better outcomes in a bid to rejig its asset sales strategy and facilitate speedy disposal.
The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, stated this at the opening of a two-day asset sales strategy retreat, which ended in Abuja on Thursday.
Kuru said: “As you may be aware, one of the key objectives of AMCON is to obtain the best achievable financial returns for all assets acquired.
“Following the acquisition of eligible bank assets, AMCON is now saddled with the responsibility of recovering the bad loans, either through cash repayments or asset forfeitures/foreclosures.
“In fact, the bulk of recoveries, which have been recorded at AMCON, are in form of asset recoveries. Considering the fact that AMCON’s obligations to the Central Bank Nigeria is in the form of cash repayment, AMCON, therefore, has the responsibility of converting the assets into cash in order to meet the repayment obligations.”
Providing further clarification, Kuru added that AMCON from inception in 2010 to December 2017 recorded total recoveries of 731 billion naira. Out of this amount, properties accounted for approximately 35%.
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