The managing director (MD) of Asset Management Corporation of Nigeria (AMCON), Gbenga Alade on Tuesday, 16 July said the corporation has recorded N1.960 trillion as the total amount recovered from debtors.
This was as the House of Representatives in Abuja, yesterday, charged the Corporation to continue to innovate and adopt best practices in asset recovery, management, transparency, accountability, and efficiency in the quest to recover the total outstanding debt of nearly N5trillion owed AMCON by some obligors. Alade and the Chairman, of the House of Representatives Committee on Banking and Other Ancillary Institutions, Hon. Eze Nwachukwu Eze, spoke at the corporate head office of AMCON yesterday when the House Committee visited the corporation for their 2024 oversight visit.
Alade said, “To date, the corporation has made recoveries in the sum of N1.960 trillion. Of the total recovery, cash recovery represents – 43 per cent, sale of bridged banks – 13 per cent, sale of proprietary shares – 11 per cent, claw back and repurchases – nine per cent, sale of property assets and rentals – nine per cent, investment income – seven per cent, while others represent about seven per cent.”
The AMCON MD reminded the representatives of what led to the creation of AMCON and the many battles the corporation had to deal with since its establishment informed them that AMCON has disposed of proprietary assets worth about N651billion from inception to date.
More so, Alade said the Corporation has made a total repayment of N2.929 trillion to CBN from 2013 to 2023, which included contributions to the Sinking Fund by other Deposit Money Banks (DMBs), and AMCON recoveries.
