Amcon Collaborates With International Trackers To Retrieve Offshore Assets Associated With Debts.

The Asset Management Corporation of Nigeria (AMCON) has taken a decisive step to recover outstanding debts of nearly N5 trillion. In its efforts to locate and retrieve assets hidden by uncooperative debtors offshore, AMCON has announced plans to engage international asset tracers. These asset tracers will be tasked with identifying assets that have been disguised as Special Purpose Vehicles (SPVs).

The announcement was made by the Managing Director/CEO of AMCON, Mr. Gbenga Alade, during a meeting with members of the print and online media in Lagos on Monday. Alade highlighted the achievements of the new management within the past five months, revealing that they have successfully collected approximately N100 billion from several high-profile debtors. He also mentioned that the sale of some assets has been revised.

Alade expressed gratitude for the strong support AMCON has received from President Bola Ahmed Tinubu, the Central Bank Governor, the Federal Ministry of Finance, the Attorney General of the Federation, and the National Assembly in their debt recovery efforts. These debts were transferred by banks to AMCON during various phases of the Eligible Bank Asset (EBA) acquisition.

The CEO also mentioned that the Chairman of the House Committee on Finance has pledged to publicly identify and shame obligors who have failed to repay their debts. This will be done during a major stakeholders conference scheduled to take place before the end of the year.

To further address the issue of non-performing loans in the country, AMCON plans to organize a conference. This conference will bring together senior officials from the Central Bank of Nigeria (CBN), relevant ministries, banks, and the judiciary, to discuss the challenges and find solutions.

Alade identified four key sectors that the new management is focusing on – oil and gas, power, telecommunications, and aviation. He expressed confidence that effectively resolving issues surrounding assets in the oil and gas sector will boost production, generate more foreign exchange, and create job opportunities for Nigerians.

In just five months, AMCON has achieved significant results in two of the target sectors. Notably, progress has been made in one of the largest distribution companies in the power sector, as well as in an abandoned power project in Kaduna. A memorandum of understanding has been signed, and operations are expected to commence within the next six months. The corporation is also working on addressing power-related challenges in Aba, as reliable power supply is crucial for businesses of all sizes.

Alade highlighted the potential impact of resolving power challenges in Nigeria. He revealed that some banks with approximately 400 branches across the country spend up to N500 billion annually on diesel for their generators. By tackling the power sector, AMCON believes it can significantly improve the overall business environment.


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