"We Have Recovered N644bn" - AMCON


Ahmed Kuru, managing director
(MD) of the Asset 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
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
“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
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
“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.