AMCON recovers N681bn debt – Ahmed Kuru

The Managing Director of the Asset Management Corporation of Nigeria (AMCON) has announced recovery of more than N681.5 billion from debtors in the last six years.

Mr. Kuru who made the disclosure today in Abuja said that the corporation made the recovery from debtors in the form of cash, properties and shares.

Kuru also disclosed that the corporation has about N1.7 trillion worth of assets under litigation across Nigeria, while pressing for the need for an effective resolution mechanism in courts.

Kuru also pointed out that the Nigerian judiciary is an important ally in the actualization of AMCON’s core objectives.

“We realize that when all other resolution strategies fail, we have to resort to the courts in order to exercise our special enforcement powers.

See also  'FOUR IN FOUR' for Zenith Bank as it retains title as 'Best Corporate Governance Financial Services in Africa

“We understand the crucial role of the judiciary, that is why we always look forward to opportunities like this where we can share some of our unique experiences.

“Sharing the experiences is to ensure that justice is done in all our cases based on a thorough understanding of the unique regime under which AMCON was established,’’ he said.

Kuru said that AMCON would work towards effective partnership with different agencies of government in actualization of its objectives.