The Asset Management Corporation of Nigeria (AMCON) said it plans to engage international asset tracers to locate and recover nearly N5 trillion in outstanding debts, including assets hidden offshore by recalcitrant debtors.
AMCON’s managing director and chief executive officer, Gbenga Alade, disclosed this at a media interactive session in Lagos.
Alade said since the current management took over about five months ago, they have successfully recovered approximately N100 billion from several high-profile debtors and also revised the sale of some assets.
He also disclosed plans to organise a conference with senior officials from the Central Bank of Nigeria (CBN), relevant ministries, banks, and the judiciary to address the ongoing challenges posed by non-performing loans in the country.
Alade listed four key sectors AMCON intends to focus on, including oil and gas, power, telecommunications, and aviation, and expressed confidence that resolving issues surrounding assets in the oil and gas sector would significantly boost production, generate foreign exchange (FX) and create employment opportunities for Nigerians.
“In the power sector, AMCON has made significant progress in one of the biggest distribution companies and an abandoned power project in Kaduna,” he said.
“A memorandum of understanding has been signed, and operations are expected to commence within the next six months.
“The corporation is also working on other assets in the power sector, particularly in Aba, as reliable power supply has become a major concern for small, medium, and large-scale enterprises,” he added.
