AMCON Now Manages N136.73 Billion in Assets

The total assets under the management of the Asset Management Corporation of Nigeria (AMCON) stood at N136.73 billion.

AMCON’s propriety assets stood at around N112.03 billion.

Mr. Ahmed Kuru, the Managing Director/Chief Executive Officer, AMCON, disclosed this in a statement titled “AMCON N5tn debt: AMCON, Senate collaborates to drive recovery.”

The statement noted that the managing director made the revelation when he led the management of AMCON to appear before the technical session of the Senate Committee on Banking Insurance and other Financial Institutions in Abuja.

The Senate Committee met to access the effect of COVID-19 on AMCON policies and operating processes with the aim of repositioning the corporation for optimal performance.

“The corporation is not deterred because as at August 2020, AMCON’s assets under management amounted to about N136.73bn, while the agency has about N112.03bn worth of propriety assets,” he said.

Kuru called on lawmakers to support the agency in recovering trillions of Naira from prominent defaulters in the society.

He said, “We want the 9th Senate of the Federal Republic of Nigeria to pile pressure on some of our obligors through the Senate Committee on Banking Insurance and Other Financial Institutions under the leadership of Senator Uba Sani as chairman.

“Some of these obligors are very important members of the society and, as distinguished senators, I know they have all it takes to intervene and even compel AMCON obligors to meet their obligation.

“This is because we cannot overemphasise the importance of recovering the huge outstanding and the positive impact it will have in the Nigerian economy, which like other economies have been further challenged by the outbreak of the dreaded coronavirus pandemic.”

Kuru added that AMCON had experienced a slow judicial process including undue adjournment because these prominent debtors were exploring loopholes in the law.