In its attempts to recoup debt exceeding N4 trillion, the Asset Management Corporation of Nigeria (AMCON) is working together with all stakeholders, particularly the Asset Management Partners (AMPs).
Founded in 2016, the AMP scheme was tasked with locating debtors, identifying their pledged and unpledged assets, increasing the value of Eligible Bank Assets (EBAs), and negotiating settlements based on AMCON guidelines.
During an interactive session with newsmen in Abuja, Mr. Gbenga Alade, the Managing Director/CEO of the corporation, stated that its 500 staff members might not be sufficient to handle over 12,000 portfolios.
In a statement, Jude Nwauzor, Head of the Corporate Communications Department at AMCON, quoted the CEO as emphasizing the significance of the AMP scheme by urging the AMPs to treat their AMCON debt recovery task with seriousness.
Alade stated, “You should not underestimate your significance to the Corporation. Your contribution is crucial to our success, given that our workforce of under 500 employees based in Lagos and Abuja may struggle to manage the over 12,000.00 portfolios in our inventory. Thus, the necessity of enhancing our mutual synergy is obvious.
With an inevitable Sunset date and recalcitrant debtors, a high premium is placed on debt recovery efforts to ensure that the Corporation achieves its statutory mandate. In other words, with a looming Sunset date, it is necessary that you are more aggressive in your debt recovery drive.
“We are not oblivious to the herculean challenges confronting you in your debt recovery strides. Certainly, debt recovery has never been easy. However, most of you have surmounted these hurdles with excellent performance to your credit.”
Welcoming the AMPs to its inaugural interactive session since the assumption of the current executive management of AMCON, the Executive Director in charge of Resolution, Mr Adeshola Lamidi, said the Corporation has decided to take its relationship with the appointed AMPs to the next level
He also assured that it would be mutually beneficial to both the AMPs and AMCON.
Reassuring the AMPs of the decision of the AMCON management to continue the partnership programme, Lamidi said sessions such as this, would provide a timely and strategic opportunity to reflect on journey so far, re-evaluate recovery strategies and pave the way forward for better effectiveness, and efficiency in conducting this national assignment. AMCON, AMPs deepen partnership to recover N4.6trn debt
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