The Asset Management Corporation of Nigeria (AMCON) has announced a renewed strategy to fast-track the recovery of over N4.6 trillion in outstanding debts with a strengthened focus on its Asset Management Partners (AMPs).
This move comes as the Corporation’s new executive leadership, led by Managing Director/Chief Executive Officer Gbenga Alade, intensifies efforts to address lingering challenges associated with non-performing loans (NPLs) across the financial sector.
At an interactive session held over the weekend in Abuja, AMCON’s management hosted AMPs under the theme “AMCON Debt Recovery in Renewed Hope Paradigm”.
The forum served as a platform to reflect on past efforts, assess current mechanisms, and introduce practical reforms to improve recovery efficiency.
Speaking during the session, Adeshola Lamidi, Executive Director in charge of Resolution at AMCON, stated that the Corporation’s success in stabilising the financial system hinges significantly on the performance and commitment of its AMPs.
He emphasized the need for deeper collaboration, innovation, and strategic thinking in navigating increasing debtor resistance.
“Our success depends greatly on your dedication, innovation, and professionalism,” Lamidi noted. “To achieve more, we must deepen our collaboration, uphold the highest ethical standards, and think strategically in our recovery efforts.”
The renewed recovery drive underscores the dual mandate of AMCON—to acquire non-performing loans from banks and ensure their recovery in alignment with national financial stability goals. With over 12,000 debtor accounts and fewer than 500 staff across just two operational offices in Lagos and Abuja, AMCON is relying heavily on the expanded role of AMPs to support resolution efforts.
In his inaugural address to AMPs, Alade acknowledged the scale of the task at hand and the vital contribution of the private sector-led recovery mechanism.
He reiterated the urgency of achieving meaningful results given AMCON’s finite operational timeline and mounting legal complexities.
“You must not underestimate your importance to the Corporation,” Alade said. “The scale of the challenge we face requires a collective and aggressive recovery drive, especially in view of AMCON’s limited lifespan and the mounting resistance from recalcitrant debtors.”
Alade highlighted that feedback from previous AMP engagements had informed key legal and structural reforms, including the formulation of the Federal High Court (AMCON) Proceedings Rules, 2024 and the establishment of a dedicated Insolvency Unit within the Federal High Court system.
The new unit, inaugurated in March 2025, is designed to fast-track legal processes relating to insolvency and debt recovery in accordance with the AMCON Act and the Companies and Allied Matters Act (CAMA) 2020.
The Insolvency Unit covers proceedings such as Company Voluntary Arrangements, Administration, Receivership, Winding-Up, and corporate restructuring. It aims to enhance judicial enforcement, promote standardised procedures, and reduce delays in debt recovery litigation.
To broaden its legal coverage, AMCON is working with the Hon. Chief Judge of the Federal High Court to replicate the unit in key jurisdictions including Lagos, Port Harcourt, Enugu, Kano and Kaduna. These expansions are expected to enhance regional enforcement capabilities, especially as the Corporation faces increasing resistance from influential debtors.
The AMPs scheme, established in 2016, was designed to incorporate private sector expertise into debt recovery processes, particularly for accounts with exposures below and above N100 million.
Under the scheme, AMPs are mandated to locate debtors, identify pledged and unpledged assets, enhance the value of Eligible Bank Assets (EBAs) and negotiate structured settlements in compliance with AMCON guidelines.
Additionally, AMPs are empowered under AMCON’s legal framework to act decisively in line with statutory provisions, ensuring an aggressive but professional approach to loan resolution.
AMCON also referenced existing judicial support, including the Fast Track Practice Directions (2021) issued by the President of the Court of Appeal and the newly released Supreme Court Rules (2024), which align with its operational goals and reinforce its legal authority.
With the latest developments, AMCON is positioning its AMP network not only as a tool for debt recovery but also as a pathway to formalising a dedicated sub-sector for distressed asset resolution in Nigeria’s financial landscape.
The Corporation maintains that a strengthened AMP framework could create broader employment opportunities while supporting long-term economic recovery.
