AMCON to Disengage Asset Management Partners

• AMCON to Disengage Asset Management Partners

Mr Ahmed Lawan Kuru, the Managing Director, Asset Management Corporation of Nigeria (AMCON), hinted that the corporation may be forced to disengage Asset Management Partners (AMPS) that are struggling to cope with the enormous challenges associated with the debt recovery assignment.

AMP was introduced in 2016 to aid AMCON in its debt recovery process by tracing, identifying, and locating obligors with the intent to recover outstanding debt.

However, some of the AMPs have failed to make headway with the recovery due to the difficult nature of the job.

“We know it is not easy the jobs we have assigned to you. recovery is a difficult job but even at that, a few of you (amps) have shown they cannot cope; we may have no choice to disengage such partner. but those that have done well, we will upgrade and even assign more responsibilities to such partners because there is indeed need for speed in this assignment. we are convinced that the amp programme is key to the success of amcon, and we will give you all the necessary support to make you succeed in this exercise,” Kuru stated.

The AMPS are handling over 6,000 accounts within AMCON portfolio, the account represents 20 per cent or N740 billion of the total EBA portfolio of N3.7 trillion.

It should also be recalled that AMCON approached the National Judicial Institute (NJI) last year for assistance in recovering its debt valued at N5.4 trillion as at the time.

Mr Kuru, who led the team last year, said: “My Lords, it is clear to us now that we (AMCON) cannot go very far without the support of the courts because AMCON obligors deliberately raise technicalities in courts to elongate and delay their cases with AMCON.”