AMCON recovers N681.5bn in the last six years

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Ahmed Kuru, MD AMCON

The Asset Management Corporation of Nigeria (AMCON) has announced that it has so far recovered over N681.5 billion in the last six years of its existence in the form of cash, properties and shares.

Managing Director/Chief Executive of AMCON, Mr. Ahmed Kuru, who disclosed this yesterday at an interactive conference of Federal High Court Judges, which held at the National Judicial Institute (NJI) complex in Abuja, confirmed that most of these recoveries were made possible through court sanctioned settlements or outright judgment, adding that AMCON presently has at least N1.7trillion worth of assets under litigation across the federation, which he also echoed seriously underscored the need for an effective resolution mechanism through the courts.

Kuru who was accompanied to the conference by Dr. Eberechukwu Uneze, an Executive Director with the Corporation said AMCON recognizes that the judiciary are the greatest and most important stakeholder in the pursuit of its statutory mandate, which was why AMCON would continue to seek the support, association and collaboration of the judiciary all through its lifespan.

He said his assertion was based on the fact that when all other resolution strategies fail, AMCON resorts to the courts in order to exercise AMCON special enforcement powers. In his words: “We understand the crucial role of the judiciary, which is why we always look forward to opportunities like this where we can share some of our unique experiences towards ensuring that justice is done in all of our cases based on a thorough understanding of the unique regime under which AMCON was established in 2010.”

Explaining why the conference was organized, the Administrator of the National Judicial Institute (NJI), Hon. Justice R.P.I Bozimo, said it is important for the judiciary and all stakeholders in the financial industry to support the activities of AMCON and its debt recovery efforts because of the huge positive impact it will have on the Nigerian economy and its ability to correct the economic flaws of the past.

Justice Bozimo, said the call had become necessary because of the critical but difficult assignment of AMCON to recover huge debts as mandated by its establishment Act.

The theme of the conference is “The AMCON Regime: A Paradigm Shift in Debt Recovery.” Was organized to help judiciary officers get themselves acquainted with the AMCON operations and mandate.

She informed that it was based on the importance the Chief Justice of Nigeria, Hon. Justice Walter Samuel Nkanu Onnoghen, attached to AMCON as an integral component of the financial safety net system, that made him to grant approval for the conference.

Bozime said: “Acknowledging Nigeria’s critical economic status; acquiring the intellectual competence of promoting the financial system stability and ring fencing the integrity of the macro-economy from fragmentation, should be encouraged and supported especially by our Justices and Honorable Justices of the Appellate courts.

“My Lords, the relevant mechanisms and approaches inherent in complementing AMCON to accomplish its primary mandate in the area of liquidity support, assumption of troubled loans and compliments to businesses, should be encouraged and supported by all stakeholders. Hence, the roles of judicial officers in aiding AMCON to achieve its statutory objective are very key.”

To drive home the point, the NJI boss said the institute in the future would collaborate with AMCON to ensure that all its judicial officers are exposed to the novel prescriptions in the AMCON Act. She argued that this development was understandable considering that judges and justices must be effectively and constantly informed to enable them accomplish their tasks with desired precision, efficacy, efficiency and competence.

She said she was optimistic that the interactive conference will “repose your lordships with the mechanisms, skills and perspectives indispensable to adjudicating over AMCON cases in the future.”

 

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