AMCON Set To Recover N5trn Debt From Offshore Assets

The managing director/chief executive of the Asset Management Corporation of Nigeria, AMCON Gbenga Alade has disclosed that efforts are underway to recover close to N5 trillion outstanding debt from recalcitrant debtors.

The debt will be recovered from the assets hidden abroad by the debtors including those secretly kept under the Special Purpose Vehicles, SPV.

The debts recovery drive spans all the sector of the economy, AMCON said yesterday, adding that the agency is poised to “resolving non-performing loans” in the banking and financial sector of the economy for the purpose of stabilising the sector.

The AMCON chief executive made the remark while speaking with journalists in Lagos, on Monday.

According to him, the agency has received support from the federal government in its quests to recover debts transferred by banks to AMCON during the different phases of Eligible Bank Asset, EBA acquisition.

He explained that so far the organisation has received the support of President Bola Ahmed Tinubu, National Assembly, and the Central Bank of Nigeria, CBN, in the ongoing efforts to recover debts from recalcitrant debtors, noting that debtors who refused to pay will be named and shamed soon.

Alade, stated that since the new management took over about five months ago, they have successfully collected approximately N100 billion from several high-profile debtors and revised the sale of some assets.

He emphasised that the organisation has been receiving support from President Bola Ahmed Tinubu, the Central Bank Governor, the Federal Ministry of Finance, the Attorney General of the Federation, and the National Assembly in their efforts to recover debts transferred by banks to AMCON during the different phases of Eligible Bank Asset (EBA) acquisition.

Furthermore, the CEO mentioned that the Chairman of the House Committee on Finance has pledged to name and shame obligors who have yet to repay their debts at a major stakeholders’ conference that would hold before the end of the year.

He revealed plans to organise a conference where senior officials from the Central Bank of Nigeria (CBN), relevant ministries, banks, and the judiciary would be invited to discuss the challenges posed by non-performing loans in the country.

Alade, highlighted four key sectors that the new management has chosen to focus on.

They included oil and gas, power, telecommunications, and aviation.

He expressed confidence that resolving issues surrounding assets in the oil and gas sector would boost production, generate more foreign exchange, and create employment opportunities for citizens. The CEO noted that they have achieved remarkable results in two of these assets in less than five months.

“By engaging international asset tracers and focusing on key sectors, AMCON aims to recover outstanding debts and contribute to the overall economic growth and development of the country,” he said.