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AMCON Recovers N682b Bad Debts in 6 Years

By Dipo Olowookere

Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru, says a total of N681.5 billion of non-performing loans had been recovered by the agency in the last six years of its existence.

Mr Kuru was quoted as saying in a statement issued by the agency on Monday that the recoveries were made from debtors in the form of cash, properties and shares.

The AMCON boss was further quoted to have said at an interaction conference of Federal High Court Judges held at the National Judicial Institute (NJI) complex in Abuja that the judiciary remains the most important stakeholder in the pursuit of its statutory mandate.

At the conference themed ‘The AMCON regime: A paradigm shift in debt recovery,’ Mr Kuru stressed that the recoveries were made possible through court-sanctioned settlements or outright judgment and then sought for the continued support of the judiciary.

“We understand the crucial role of the judiciary, which is why we always look forward to opportunities like this where we can share some of our unique experiences towards ensuring that justice is done in all of our cases based on a thorough understanding of the unique regime under which AMCON was established in 2010,” Mr Kuru said.

AMCON was set up in 2010 to absorb banking sector-wide NPLs in exchange for government bonds, after the Central Bank of Nigeria rescued nine weak banks from collapse in 2009.

Also speaking at the event, the NJI Administrator, Justice Rosaline Bozimo, said the judiciary and all stakeholders in the financial industry were vital to the activities of the AMCON and its debt recovery efforts.

She was quoted in the statement as saying that, “My Lords, the relevant mechanisms and approaches inherent in complementing AMCON judicial and judiciously to accomplish its primary mandate in the area of liquidity support, assumption of troubled loans and compliments to businesses, should be encouraged and supported by all stakeholders.

“Hence, the roles of judicial officers in aiding AMCON to achieve its statutory objective are very key.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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