The Asset Management Corporation of Nigeria (AMCON) says it has recovered ₦1.6 trillion out of a total of ₦4.664 trillion total debt portfolio in its over 10 years of operations.
According to the cooperation’s Managing Director, Ahmed Kuru, top debtors of the corporation totalling 350, owe a combined sum of ₦3.95 trillion.
Kuru made this known during the annual training for Nigerian judiciary officers held in London as he appreciated the bench saying the recoveries would not have been possible without their help.
He added that monies owed by the 350 debtors accounted for more than 84% of the total outstanding debt amount.
Over the years, AMCONS's huge debt portfolio has raised concerns and caught the attention of the National Assembly back in 2019. That year, AMCON’s debt stood at ₦5.4 trillion and about 20 individuals/entities were responsible for about 67% of the debt.
This led to the inauguration of an Inter-agency Committee by the ex-Vice President, Prof. Yomi Osinbajo (SAN) comprised of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) among other related organisations.
The committee was mandated to speedily resolve all challenges hindering the recovery of the ₦5.4 trillion AMCON debts. The amount has reduced by 15.4% from ₦5.4 trillion in 2019 to ₦4.664 trillion recently.
With its debt ceiling pegged at just ₦800 billion, AMCON has been overstretched by the pilling debts and, according to the National Assembly, it was expedient to challenge the unwillingness of some of the debtors to pay.
Speaking further, Kuru noted that most defiant debtors have been compelled to enter into negotiations with the body due to the judiciary's help in granting the necessary ex-parte orders as well as approving orders to trace assets.