The Asset Management Corporation of Nigeria (AMCON), has made recoveries of about N1.6 trillion, which include recoveries in cash and in sale of assets since its inception.
Managing director of the corporation, Ahmed Kuru, made this known in London at a training for federal high court judges from Nigeria.
“My Lords, distinguished ladies, and gentlemen, with the help of the Judiciary, AMCON has been able to make notable progress especially in enforcement.
“Granting of Exparte Orders as well as Orders to attach traced assets have compelled most recalcitrant obligors of AMCON to come to the negotiation table.
“To date, the corporation has made recoveries of about N1.6 trillion, which include recoveries in cash and in sale of assets,” he said.
He described the opportunity extended to AMCON to be a participant as “golden” because it gives the corporation the platform to once again present its case, refresh memories, emphasise the nature of its national assignment and the challenges of its sunset date.
“Nigeria struggles with a huge debt burden, so is AMCON struggling with very recalcitrant obligors who have mastered the act of clinging to the technicalities, rather than settling their established obligations,” the managing director added.
Kuru said recalcitrant debtors had found new tricks of masking assets traced to them by presenting third parties as the real owners and advised the judicial officers to be wary of such characters.
“Out of total of N4.664 trillion, we have so far recovered about N1.6 trillion in the more than 10 years of our existence. We still have a long way to go,” he said.
“About 350 obligors account for N3.957 trillion, which is above 84% of total outstanding amount. Our debt is in the balance sheet of the Central Bank of Nigeria (CBN), and therefore a threat to the economy.
“After recovery and disposal, funds are paid directly into our CBN account. Recovery and disposal of assets have so far contributed about N1.6 trillion towards settling our obligation.
“Accordingly, we would not get tired of appealing to Your Lordships for more understanding and collaboration towards the achievement of this national assignment.”
