Over N1.96trn recovered from debtors since inception, says AMCON

The Asset Management Corporation of Nigeria (AMCON) says the agency has so far made over N1.96 trillion worth of recoveries.

In a statement on Tuesday, Gbenga Alade, managing director (MD) of AMCON, said cash recovery represented 43 percent.

Alade spoke while receiving members of the house of representatives committee on banking and other ancillary institutions, led by Eze Nwachukwu Eze.

He said despite the shaky start-off model, the corporation, with the support of the national assembly, has made considerable recoveries.

“To date, the corporation has made recoveries in the sum of N1.960 trillion,” he said.

“Of the total recovery, cash recovery represents 43 percent; sale of bridged banks 13 percent; sale of proprietary shares 11 percent; clawback and repurchases nine percent; sale of property assets and rentals nine per cent; investment income seven percent, while others represent about seven percent.”

Alade also said the agency has disposed of proprietary assets worth about N651 billion from inception to date.

The MD said AMCON has made a total repayment of N2.929 trillion to the Central Bank of Nigeria (CBN) from 2013 to 2023.

He said this includes contributions to the sinking fund by other deposit money banks (DMBs) and AMCON recoveries.

On his part, Eze charged the corporation to continue to innovate and adopt best practices in asset recovery, management, transparency, accountability and efficiency in the quest to recover the total outstanding debt of nearly N5 trillion owed AMCON by some obligors.

Eze also said once transparency, accountability, and efficiency remain the cornerstones of AMCON’s operations, as legislators, the committee members will be committed to providing the necessary support.

The committee chairman also assured that the legislature will provide oversight functions to ensure the corporation fulfils its recovery mandate effectively.