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Market Digest Nigeria

Finance

3,000 defaulters owe AMCON N5tn

amcon

The Asset Management Corporation of Nigeria (AMCON) has revealed its ongoing process towards the recovery of N5 trillion debt from about 3,000 debtors across the country.

It further disclosed that the matters are currently being litigated at various courts to further aid the recovery process. This was contained in a statement issued on Sunday titled ‘Recovery for N5tn debt burden, AMP scheme pivotal – AMCON CEO’ and signed by the Managing Director, Ahmed Kuru.

This was 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.

The Asset Management Corporation of Nigeria (AMCON) said through the AMPs, it was essential that each of the cases were properly captured as they progressed in the courts.

Kuru also revealed that 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 per cent of the outstanding exposure.

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