The Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, announced that the organization has successfully recovered N1.6 trillion in debts from debtors over the course of the last 12 years. Kuru made this statement during a media forum held in Lagos.
Additionally, Kuru revealed that AMCON received N2.3 trillion in remittances from banks, contributing to the Banking Sector Resolution Cost Fund, commonly referred to as the Sinking Fund. The AMCON law mandates that banks contribute 0.5 percent of their assets annually to the Sinking Fund.
Kuru elaborated on AMCON’s funding model, which is set to conclude in 2025. He explained that AMCON had employed an asset tracing strategy to locate debtors who had abandoned the companies they had borrowed from to establish new firms. These debtors intended to make debt recovery more challenging for AMCON. However, some of these debtors ceased answering calls after learning that AMCON was winding down its operations.
Kuru advised such debtors to maintain communication with AMCON to explore options for debt repayment or restructuring, emphasizing that AMCON would continue to engage with them rather than saying goodbye.
He provided historical context, stating that AMCON was established in 2011-2012 with the primary aim of safeguarding N3 trillion in depositors’ funds. Among the 12,000 debtors, Kuru highlighted that 350 of them were responsible for 84 percent of the total debts owed to AMCON.
