By Victoria Ojeme, Abuja
The Director General, DG, Asset Management Corporation of Nigeria (AMCON), Ahmed Lawal Kuru, Monday, disclosed that the corporation has recovered a debt of N1trillion since inception and has anchored a lot of businesses that are presently running.
The DG disclosed this during a visit by the leadership of the Business Recovery and Insolvency Practitioners Association of Nigeria BRIPAN, in Abuja.
While stating that the corporation has resolved more than four to five thousand business relationships, Kuru noted that AMCON is not a hospital where should a business fail, you just walk in and AMCON takes over.
He further stressed that is wrong impression of the corporation asserting that they don’t take, have not taken and will not take any case like that, adding that AMCON is still battling with the ones taken during the global financial crisis.
According to him, “AMCON is created to buy non performing loans, resuscitate the non performing loans even though some of these non performing loans have been with these banks for more than ten to fifteen years before being transferred to AMCON and it has been able to resolved quite a lot of those transactions and in doing that it has recover a lot of funds.
The Business Recovery and Insolvency Practitioners Association of Nigeria is a professional organization recognized by law and a very important aspect of the financial framework. We are going to work with them particularly that they have capacity building abilities which are very important because what we do is related to business recovery.
The President, BRIPAN Ayodele Akintunde SAN said the idea is to partner with AMCON to develop the insolvency practice and business rescue mechanism available in Nigeria and to improve training of insolvency practitioners. I would say AMCON has done a good job in trying to stabilize the banking system by trying to ensure that debts are taken care of. The debt recovery regime in Nigeria is still a work in progress such as law reform, training and necessary support to ensure that recovery of debt and sales of assets are easily achievable.