The Asset Management Corporation of Nigeria (AMCON) is working seriously to wind down its operations despite having N4 trillion unrecovered bad debts.
AMCON Managing Director/CEO, Ahmed Kuru said on Saturday that the corporation has a sunset period, and cannot operate in perpetuity.
Kuru was represented in two separate engagements with AMCON External Solicitors, and Receivers as well as Asset Management Partners (AMPs) in Lagos by Group Head, Asset Management Directorate in the Corporation, Benedict Daminabo.
“Also, considering that the Corporation has begun to put measures in place for eventual wind-down of its activities as it is not created to remain in perpetuity, we see working and collaborating with all our stakeholders as a matter of priority. The success of AMCON would not be adequately recorded without recognising the roles played by all stakeholders”, he said.
Kuru also expressed concerns over the frequency of adjournment of its cases in courts as a result of the non-appearance of its lawyers.
“This is causing us a lot of embarrassment within the judicial space. We are also worried about the number of assets that are being abandoned by our Receivers. These actions are causing the Corporation so much embarrassment, especially as we know these assets had been entrusted in the hands of the Receivers. We, therefore, urge you to adhere to the sanctity of the contract we have with you. Treat our matters with utmost professionalism, diligence, commitment, and duty of care”, he stated
The AMCON boss reminded stakeholders to view the AMCON recovery mandate as one of serious national importance in the federal republic of Nigeria.
He said that if at sunset, AMCON is unable to recover the huge debt, which currently stands at over N4 trillion, it becomes the debt of the Federal Government of Nigeria, which he said would have huge implications on the taxpayers’ monies.
He said the positive debt recovery history of AMCON cannot be fully told by chroniclers of financial and economic history in Nigeria without some critical stakeholders such as AMCON Solicitors and indeed the entire Nigeria judiciary as well as Receivers; and the Asset Management Partners (AMPs) that have become major tools in the recovery efforts of AMCON.
He described the engagement, which is AMCON’s first major interaction with stakeholders in 2023 in Lagos as very important, and strategic to the recovery efforts of AMCON.
“We (AMCON) value our relationship with all our stakeholders, and we will continue to interact, share experiences and brainstorm on the best ways for the Corporation to succeed in this national assignment. Feedback received from interactions with our various stakeholders overtime, and particularly from Honourable Judges from the various Courts necessitates continuous training and retraining of our stakeholders especially as it relates to challenges encountered during filling processes in court and enforcing AMCON’s rights on obligors’ assets”.
