How AMCON recovered N1.6tr debts in 12 years

The Asset Management Corporation of Nigeria (AMCON) has recovered N1.6 trillion from debtors in the last 12 years, its Managing Director, Ahmed Kuru, said.

Speaking during a media forum in Lagos, he said the corporation also received N2.3 trillion through remittances by banks into the Banking Sector Resolution Cost Fund, otherwise known as the Sinking Fund.

The AMCON law requires banks to contribute 0.5 percent of their assets annually to the Sinking Fund. Kuru, who disclosed that AMCON’s funding model will end in 2025, said the corporation deployed an asset tracing strategy to track debtors that abandoned the companies they borrowed with to start new firms.

He said the intention of such obligors was to make debt recovery difficult for the corporation. He said some debtors stopped picking up calls after they learnt that AMCON was winding down. “It is better you take our calls and get the best advice on how to repay or restructure your debts. It is not going to be bye-bye from AMCON,” Kuru advised.

He said that AMCON was created in 2011-2012 to protect N3 trillion depositors funds. He said 350 of the 12,000 debtors owe 84 per cent of the total AMCON debts.