AMCON declares modalities for recovering N5trn debt 

The Asset Management Corporation of Nigeria (AMCON) has declared it has devised a new receiver procedure that would accelerate the pace of asset recovery process by its agents.

Ahmed Kuru, AMCON’s Managing Director and Chief Executive Officer said in a statement on Sunday, titled: ‘N5tn Recovery Possible if AMCON Unleash Full Powers – Legal Experts’ that the corporation had dismissed a number of its receivers on grounds of poor performance.

Repossession efforts at the government recovery firm have been bolstered over lately including the sequestration of the assets of oil firm, Pan Ocean and those of the directors of Deap Capital Management Trust Plc in the second week of July.

The statement noted that Mr Kuru, who was represented at the first seminar of AMCON’s receivers/receiver managers in general enforcement in Abuja by Aliyu Kalgo, Group Head for Resolution Strategy, said “we reiterate our receivers are very key to the success of AMCON.”

Read also: Deap Capital denies reports of takeover by AMCON

“In order to streamline the functions of our receivers and make them more effective and accountable, we have developed a new receivership framework, which will henceforth govern our relationship in terms of management of the assets and accountability.

“We have had course to disengage some of our receiver managers due to non-performance.”

He asserted that AMCON resorted to taking the decision because assets were being abandoned for no good reason or plan to settle debts even as receiver managers were sometimes not clear about their responsibilities.

The whole debt burden would naturally become the obligation of the Nigerian government and taxpayers’ money would be used to clear it ultimately provided AMCON was unable to recover the N5 trillion from debtors.

Kuru enjoined AMCON’s receivership partners to prevent few individuals from taking away the national treasure of Nigeria.

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