N4trn Debt: AMCON, Asset Mgt Partners Strengthen Collaboration For Recovery

The Asset Management Corporation of Nigeria (AMCON), under the leadership of Gbenga Alade as MD/CEO, is embarking on an enhanced strategy for debt recovery.

During an interactive session held in Abuja, the Corporation expressed its commitment to deepening collaboration with stakeholders, particularly through the Asset Management Partners (AMPs) scheme, established in 2016 to recover outstanding N4 trillion debt owed by various obligors.

Executive director in charge of Resolution at AMCON, Adeshola Lamidi emphasised the importance of elevating the relationship between AMCON and its AMPs for mutual benefits, which is crucial for advancing their shared objectives.

Lamidi highlighted that this session offers a vital opportunity for reflection on their journey, enabling both parties to reassess recovery strategies and strategies for improved effectiveness in fulfilling their national mandate.

He reiterated AMCON’s foundational goals: stabilising the financial system through the acquisition of non-performing loans and recovering these loans to ensure a robust financial landscape.

While acknowledging AMCON’s past successes, Lamidi stressed that there is always room for improvement, crediting the dedication, innovation, and professionalism of the AMPs as key to achieving greater outcomes.

The session was designed to foster engagement, explore practical solutions, share insights, and collaboratively chart a path forward.

MD/CEO of AMCON, Mr. Gbenga Alade reinforced the significance of the AMP scheme, urging the AMPs to take their roles seriously in the debt recovery efforts. He noted the challenges posed by a limited workforce in managing over 12,000 portfolios, demonstrating the necessity of deepening collaboration for success.

With the pressing need for effective debt recovery, Alade encouraged a proactive approach, recognizing the herculean challenges faced by the AMPs.

He commended their efforts and resilience in overcoming these obstacles, contributing positively to AMCON’s goals.

Alade also pointed out that feedback from previous sessions informed the Federal High Court’s new Proceedings Rules and the establishment of the Insolvency Unit on March 24, 2025. This new Unit, established under relevant insolvency provisions, is designed to enhance the implementation of insolvency laws, providing specialized and standardized services that align with global best practices.
Notably, the Unit will facilitate a Fast Track service to assist in meeting AMCON’s mandates. Furthermore, plans are underway to expand this Unit’s presence beyond Abuja to key jurisdictions, including Lagos, Port Harcourt, Enugu, Kano, and Kaduna, which will further support the AMPs in their recovery efforts.

Through these initiatives, AMCON is committed to creating a more effective framework for debt recovery, ensuring that both AMCON and its partners are well-equipped to address the ongoing challenges and drive successful outcomes.