The Asset Management Corporation of Nigeria (AMCON) has unveiled plans to engage international asset tracers to locate and recover nearly N5 trillion in outstanding debts, including assets hidden offshore by uncooperative debtors.
This announcement was made by Gbenga Alade, AMCON’s Managing Director and Chief Executive Officer, during a meeting with media executives in Lagos on Monday.
The move comes in response to increasing pressure from the House of Representatives Committee on Banking, which recently urged AMCON to adopt global best practices in asset recovery, management, transparency, and efficiency. The corporation is intensifying its efforts to recover debts owed by a number of high-profile obligors.
Since its inception, AMCON has made significant progress in debt recovery. As of July 17, the corporation had successfully recovered over N1.96 trillion from debtors and disposed of proprietary assets worth approximately N651 billion.
Alade, who took the helm of AMCON about five months ago, disclosed that his management team has recovered nearly N100 billion from several high-profile debtors and revised the sale of some assets within this short period.
Alade attributed the success of these efforts to the strong support from President Bola Tinubu, the Central Bank of Nigeria (CBN), the Federal Ministry of Finance, the Attorney General of the Federation, and the National Assembly.
He noted that the Chairman of the House Committee on Finance has pledged to publicly identify and shame debtors who have yet to repay their obligations.
In an effort to address the broader challenges posed by non-performing loans in the country, AMCON plans to organize a conference involving senior officials from the CBN, relevant ministries, banks, and the judiciary. This conference aims to develop strategies to tackle the persistent issues within the financial sector.
Alade highlighted four key sectors that AMCON intends to focus on: oil and gas, power, telecommunications, and aviation. He expressed confidence that resolving issues in the oil and gas sector would significantly boost production, generate foreign exchange, and create employment opportunities for Nigerians.
“In the power sector, AMCON has made significant progress in one of the biggest distribution companies and an abandoned power project in Kaduna,” Alade stated.
He further revealed that a memorandum of understanding has been signed, with operations expected to commence within the next six months.
Additionally, AMCON is working on assets in the power sector, particularly in Aba, to improve the reliability of power supply—a critical concern for small, medium, and large-scale enterprises.
Alade emphasized the potential impact of resolving Nigeria’s power challenges, pointing out that some banks with around 400 branches across the country spend as much as N500 billion annually on diesel for their generators.
Addressing these power issues, he said, would greatly enhance the overall business environment.
In the telecommunications sector, AMCON is focused on reviving dormant assets and bringing them back into operation.
Regarding aviation, Alade mentioned that the corporation is addressing issues involving two airlines, with the goal of increasing Arik Airline’s fleet from three to eight aircraft by March 2025. This expansion could help reduce airfares in the local aviation industry, offering some relief to consumers.
Alade reiterated AMCON’s commitment to resolving non-performing loans and stabilizing the Nigerian financial system. He stressed that by engaging international asset tracers and concentrating on key sectors, AMCON aims to recover outstanding debts and contribute to the country’s economic growth and development.
This renewed focus on debt recovery and asset management underscores AMCON’s role in ensuring financial stability and economic progress in Nigeria.
As the corporation moves forward with its plans, the successful recovery of these debts could have far-reaching implications for the nation’s economic landscape.