AMCON recovers N682 billion bad debts in six years – CEO

The Asset Management Corporation of Nigeria has recovered N681.5bn of non-performing loans in the last six years of its existence, the Managing Director/Chief Executive Officer of the corporation, Mr Ahmed Kuru, has said

The recoveries, he said, were made from debtors in the form of cash, properties and shares. AMCON was set up in 2010 to absorb banking sector-wide NPLs in exchange for government bonds, after the Central Bank of Nigeria rescued nine weak banks from collapse in 2009.

In a statement by the corporation on Monday, Kuru was quoted as saying this during an interaction conference of Federal High Court Judges held at the National Judicial Institute complex in Abuja. The theme of the conference is, “The AMCON regime: A paradigm shift in debt recovery.” Kuru said the recoveries were made possible through court-sanctioned settlements or outright judgment.