ASSET Management Corporation of Nigeria (AMCON) has said that it will ensure the success of the Asset Management Partners (AMP) programme.
AMPs are consortiums with specialist skills required to ensure recovery and debt resolution; banking, legal, valuation and accounting. They began operations in May 2016 working together with AMCON to resolve the over six thousand accounts with loan balances of N100million and below.
Speaking in Abuja during feedback session with the AMPs organised to cross-fertilise ideas on the way forward, Managing Director/Chief Executive Officer, AMCON, Mr. Ahmed Kuru called on the AMPs to take the assignment seriously as those that performed creditably well stand the chance of having their portfolio increased in the second batch.
Kuru said the gathering was necessary because it enables AMCON listen to the AMPs and understand the possible challenges they faced in the recovery mandate assigned them.
He reassured the AMPs that AMCON will continue to provide them with the necessary support to ensure the objective of the initiative is achieved. To do that however, he said there was need for all participating AMPs to be open-minded. He also encouraged them to feel free to point out areas they think AMCON should improve on; or even provide support to enable them carry out their assignments better.
Kuru urged them to put in their best towards achieving the deliverables of the AMP initiative and promised that AMCON has incentives to the consortiums that would perform very well.
AMCON said it came up with the ingenious idea of collaborating with AMPs because it became necessary last year given the fact that the Corporation has a total loan portfolio of over twelve thousand loans of various sizes and sectors that are still lingering seven years after AMCON was established. This number compared to AMCON’s staff strength of approximately three hundred, it was obvious AMCON surely needs a strategic approach to improve coverage and results.