Ahmed Kuru, managing director (MD) of the Asset
Management Corporation of Nigeria (AMCON), says
the corporation has succeeded in recovering N644
billion.
Management Corporation of Nigeria (AMCON), says
the corporation has succeeded in recovering N644
billion.
Kuru disclosed this at a media briefing in Lagos,
stating that the financial institution is on its way to
achieving its objective of protecting the economy
and retrieving acquired bad debts in the Nigerian
financial system.
“We have so far collected cash of about N644
billion, and we have settle 56 percent of the total
N3.7 trillion has also been settled. Settled doesn’t
mean money in pocket,” he said.
“Like I told you, the challenge is from within, the
framework is a bit faulty. You cant say that you are
taking somebody’s liability, and this person’s
business has failed, totally failed in the commercial
bank, and you are giving the commercial bank
liquidity.”
THE COURT OF LAW IS AMCON’S LAST RESORT
He further disclosed that seeking court orders in
retrieving debts and sealing up companies was
necessitated by many years of non-compliance from
its debtors.
“We always tell them that we are not quarreling with
anybody. If I tell you that there is somebody who
can put N10 billion on the table today, I’m lying.
But I believe that there are people that can tell me
how they intend to pay the 50 billion, the 100
billion, the 150 billion outstanding debts,” Kuru
said.
“Some of these guys, you see the lifestyle (they
live), the moment you tell them to come and pay
our money, it become a problem. So we understand
these things.
“They go to the press and I want to tell you that
there is nothing personal. Some of them would
write that they don’t owe. I cant wake up in the
morning and say come and pay me N10 billion;
there must be basis.
“If I believe that you are not owing me anything, and
I go to court, and say court help me collect this
money, there must really be something wrong with
me.
“I can tell you that our recovery process is very
vigorous, AMCON doesn’t wake up one fine
morning and go to court. We must have given these
people it for the last five to six years, but the last
resort is the court; that means we must have
exhausted all manner of mediation. Going to court
is very expensive, and we also don’t like the bad
publicity.”
AMCON: WE’RE NOT OUT TO KILL BUSINESSES –
BUT TO SAVE THE ECONOMY
Kuru explained that AMCON, with a 10-year lifespan,
was not set up to make profit as such, but to
deliver a social benefit of saving the economy and
businesses from bad debts, adding that it is not out
to kill businesses.
“The most important thing, like we always tell our
debtors is; come and talk to us. We are supposed
to help them, we are suppose to support them,
AMCON is not out to come and kill businesses, we
are to support businesses, and we have record to
show businesses that we have supported and we
have continued to support.
“We are supposed to be the economic catalyst, we
are supposed to help with the economy. That is
why we always advice that let us understand what
the issues are, so we can work together, because
with 12,700 accounts, it is a basket where
opportunities can come up.
“We just want to protect the economy, support the
economy and we also want to support the obligos
in their businesses, but they must come and talk to
us.”
He said recovering of bad debts is not a pleasant,
but patriotic assignment, adding that nothing is
personal about the recovery of the debts.
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