AMCON Drags 3,000 Debtors to Court Over N5tn Debt

The Asset Management Corporation of Nigeria is currently pursuing bad debts of about 3,000 debtors in various courts in the country.

It disclosed this on Sunday in a statement titled ‘Recovery for N5tn debt burden, AMP scheme pivotal – AMCON CEO’, after a two-day training for Asset Management Partners of AMCON in Lagos.

“The AMPs scheme of the government agency currently has about 6,000 Eligible Bank Assets at different stages of resolution and about 3,000 matters at various courts in the country,” the corporation said.

AMCON said through the AMPs, it was essential that each of the cases were properly captured as they progressed in the courts.

The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, said five years after AMCON launched the AMP scheme, the initiative had been a major tool in the recovery efforts of the corporation and key to its success.

The statement recalled that AMCON was making efforts to recover over N5tn from obligors that had remained unwilling to repay their debt.

It said of this figure, the government agency had informed Nigerians that only 350 obligors alone accounted for N3.6tn, which was over 82 percent of the outstanding exposure.

If recovered, it said, it would be enough for the Federal Government to actualise a good number of projects such as roads, railways, electricity generation and distribution, hospitals, and the like across the country.