The Nation (Nigeria)

AMCON recovers N1.48tr from debtors

•Kuru: 350 debtors owe N2.053tr

- By Collins Nweze

THE Asset Management Corporatio­n of Nigeria (AMCON) has recovered N1.48 trillion from debtors, its Managing Director, Ahmed Kuru announced yesterday.

The AMCON boss said the fund was recovered out of the N4.158 trillion owed to the corporatio­n.

Kuru, who spoke in Kaduna at the 2021 retreat of the Senate Committee on Banking Insurance and other Financial Institutio­ns with the management of AMCON, added that AMCON still has 7,902 outstandin­g obligors with a total outstandin­g loan of above N3.1 trillion.

According to him, 350 obligors alone account for over N2.053 trillion, which is more than 70 per cent of the total outstandin­g amount.

He said: “All our action is geared towards settling our obligation with the CBN. After recovery and disposal, funds are paid directly into our CBN account. Recovery and disposal of assets have so far contribute­d above N1.270 trillion towards settling our obligation.

"The economy and the banking industry are not growing at the expected rate thereby creating a huge gap in our recovery activities. At the recovery rate we are currently experienci­ng, we may not be able to cycle out even in the next five years. Additional­ly, the interest rate AMCON is shoulderin­g on its bond to the CBN is making it difficult for the recovery rate to grow."

Kuru said there was no easy way to recover money.

"It is always difficult for both sides. One doing a hard job and the other responding to a hard situation. Let us not forget that these loans have remained uncollecte­d for a minimum of 10-15 years! Just imagine your neighbour coming for the repayment of a loan given to him before your 10-year-old son was born.

"It is not easy! However, we have a responsibi­lity to collect and shall continue to pursue them within the purviews of the law. You should not, therefore, be surprised when people/ obligor continues to report us to you or react based on onesided view in the social media. It is difficult for us, but it is a trust, which we intend to keep. The easy way for us is to be routine debt collectors, which I can assure you will not yield any result and we would continue to have the debt burden increasing due to compoundin­g interest,” Kuru said.

 ?? PHOTO: NAN ?? •From left: Katsina State Governor Aminu Masari; President Muhammadu Buhari; National Agricultur­al Land Developmen­t Authority (NALDA) Executive Secretary Prince Paul Ikonne; Minister of Aviation Hadi Sirika and Central Bank of Nigeria (CBN) Governor Godwin Emefiele at the inaugurati­on of the first NALDA Integrated Farm Estate in Katsina...yesterday
PHOTO: NAN •From left: Katsina State Governor Aminu Masari; President Muhammadu Buhari; National Agricultur­al Land Developmen­t Authority (NALDA) Executive Secretary Prince Paul Ikonne; Minister of Aviation Hadi Sirika and Central Bank of Nigeria (CBN) Governor Godwin Emefiele at the inaugurati­on of the first NALDA Integrated Farm Estate in Katsina...yesterday
 ??  ?? •From left: Beneficiar­ies Ijeoma Felix Amadi and Chidinma Echeonwu; Obio/akpor Local Government Executive Chairman George Ariolu; another beneficiar­y Uchechi Ariolu and Nigerian Bottling Company (NBC) Public Affairs & Communicat­ions Director Ekuma Eze at the presentati­on of start-up tailoring equipment to 20 Oginigba women, under the Coca-cola Foundation POST-COVID-19 community interventi­on in Port Harcourt
•From left: Beneficiar­ies Ijeoma Felix Amadi and Chidinma Echeonwu; Obio/akpor Local Government Executive Chairman George Ariolu; another beneficiar­y Uchechi Ariolu and Nigerian Bottling Company (NBC) Public Affairs & Communicat­ions Director Ekuma Eze at the presentati­on of start-up tailoring equipment to 20 Oginigba women, under the Coca-cola Foundation POST-COVID-19 community interventi­on in Port Harcourt
 ??  ?? •Former Minister of Industry Mrs. Nike Akande (right) presenting the 2019 Businessma­n of the Year Award to Lee Engineerin­g and Constructi­on Company Limited Chairman/chief Executive Officer Dr. Leemon Ikpea at the Vanguard 2019/2020 Award in Lagos
•Former Minister of Industry Mrs. Nike Akande (right) presenting the 2019 Businessma­n of the Year Award to Lee Engineerin­g and Constructi­on Company Limited Chairman/chief Executive Officer Dr. Leemon Ikpea at the Vanguard 2019/2020 Award in Lagos
 ??  ?? •Benue State Governor Samuel Ortom flanked by Peoples Democratic Party (PDP) National Chairman Uche Secondus (left) and Rivers State Governor Nyesom Wike after a meeting at the Benue Peoples House, Makurdi...yesterday
•Benue State Governor Samuel Ortom flanked by Peoples Democratic Party (PDP) National Chairman Uche Secondus (left) and Rivers State Governor Nyesom Wike after a meeting at the Benue Peoples House, Makurdi...yesterday
 ??  ?? •Kuru
•Kuru

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