The Asset Management Corporation of Nigeria (AMCON) has announced a new strategic move to intensify its asset recovery efforts as it seeks to recover nearly N5 trillion in outstanding debts. To achieve this, AMCON plans to engage international asset tracers to locate and recover assets hidden offshore by recalcitrant debtors, including those disguised under Special Purpose Vehicles (SPVs).
This decision was unveiled by AMCON’s Managing Director/Chief Executive Officer, Mr. Gbenga Alade, during a meeting with senior members of the print and online media in Lagos. Alade revealed that since the new management took over approximately five months ago, the corporation has successfully recovered about N100 billion from several high-profile debtors. Additionally, the organization has revisited and revised the sale of certain assets as part of its ongoing efforts.
Strong Government Support
Alade emphasized the strong backing AMCON has been receiving from various government bodies, including President Bola Ahmed Tinubu, the Central Bank of Nigeria (CBN), the Federal Ministry of Finance, the Attorney General of the Federation, and the National Assembly. This support has been crucial in their efforts to recover debts that were transferred to AMCON during different phases of Eligible Bank Asset (EBA) acquisition.
Furthermore, the CEO highlighted that the Chairman of the House Committee on Finance has pledged to publicly name and shame obligors who have yet to repay their debts. This initiative is expected to take place at a major stakeholders’ conference scheduled before the end of the year, as part of a broader strategy to hold debtors accountable and accelerate the recovery process.
AMCON’s decision to enlist international asset tracers marks a significant escalation in its debt recovery strategy. By leveraging global expertise and the strong support of government institutions, AMCON aims to reclaim substantial assets and bring recalcitrant debtors to justice. The corporation’s renewed focus on transparency and accountability signals its determination to recover the funds necessary to stabilize Nigeria’s financial system.
