We are not run­ning any busi­ness – AMCON

Daily Trust - - BUSINESS - From Sun­day Michael Ogwu, La­gos

The As­set Man­age­ment Cor­po­ra­tion of Nige­ria (AMCON), week­end, said that its pri­mary as­sign­ments is to re­cover, re­struc­ture and re­solve bad debts, not to run busi­nesses.

AMCOM made the clar­i­fi­ca­tion to dis­pel pub­lic mis­con­cep­tions af­ter its re­cent con­fis­ca­tion of some as­sets for­merly be­long­ing to some bad debtors.

A state­ment is­sued by AMCON said that AMCON’s in­ter­ven­tion in the coun­try pre­vented col­lapse of many busi­nesses, main­tain­ing that the cor­po­ra­tion, cre­ated in 2010, was within its man­date of man­ag­ing huge Non Per­form­ing Loans (NPLs) in the bank­ing sec­tor. AMCON has not ab­di­cated its as­sign­ment to run busi­nesses as per­ceived by some peo­ple, it said.

“AMCON has never and will not run any busi­ness. But as fa­cil­i­ta­tors, we en­cour­age com­pe­tent pro­fes­sion­als to man­age busi­nesses. So it is im­por­tant we cor­rect this wrong per­cep­tion in some quar­ters.”

In fur­ther­ance of the Cor­po­ra­tion’s re­spon­si­bil­ity of ac­quir­ing El­i­gi­ble Bank As­sets (EBAs) and putting them to eco­nomic use in a prof­itable man­ner, AMCON, the state­ment said, was in re­ceiver­ship of about 50 busi­nesses and more than 180 busi­nesses un­der en­force­ment. It said that th­ese in­ter­ven­tions have saved many busi­nesses from go­ing un­der.

Some 400 oblig­ors of AMCON ac­counted for more than N4.5trn, ap­prox­i­mately 80 per cent of the to­tal out­stand­ing loan bal­ance of the Cor­po­ra­tion’s over 12,000 ac­counts with oblig­ors that be­came re­cal­ci­trant, de­spite ob­vi­ous ef­forts to re­cover them.

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