AMCON and AMPs Step Up Recovery Efforts to Reclaim N4.6 Trillion Debt
In a bold move to accelerate the recovery of over N4.6 trillion in outstanding debts, the Asset Management Corporation of Nigeria (AMCON) has intensified its collaboration with Asset Management Partners (AMPs) across the country. This renewed strategy was unveiled at an interactive session in Abuja, marking the first of its kind under the current leadership of AMCON Managing Director/CEO, Mr. Gbenga Alade.
Mr. Adeshola Lamidi, AMCON’s Executive Director in charge of Resolution and the AMP scheme, emphasized that the Corporation is adopting proactive measures to fast-track recovery processes. He reiterated the importance of strategic collaboration with the AMPs, assuring them of mutual benefits in the strengthened relationship.
“Our mandate has always been twofold—to stabilize the financial system and recover debts. With a looming sunset clause, the urgency has never been higher. The role of AMPs is now more critical than ever,” said Lamidi.
AMCON CEO, Mr. Gbenga Alade, urged AMPs to intensify their recovery efforts, especially in light of limited personnel and the vast portfolio of over 12,000 obligors. He noted that recent feedback from stakeholders has influenced significant judicial reforms, including the introduction of the Federal High Court AMCON Proceedings Rules, 2024 and the launch of an Insolvency Unit within the judiciary.
“This new Insolvency Unit, aligned with international best practices, is set to streamline debt recovery and restructuring, further enhancing AMCON’s operational efficiency,” Alade added.
Related Posts
The AMP scheme, established in 2016, empowers selected firms to trace, locate, and recover non-performing loans. AMCON’s partnership with these firms is expected to foster a sustainable model for loan recovery in Nigeria’s financial sector and create employment through a newly formed sub-sector.
The session, themed “AMCON Debt Recovery in Renewed Hope Paradigm,” featured key presentations on the Federal High Court Proceedings Rules, EFCC’s role in debt recovery, and innovative approaches to asset tracing and AMP case management
