The Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Gbenga Alade, has said that obligors of the corporation damaged the Nigerian economy because they never intended to repay the loans they borrowed from various banks.
The Managing Director/Chief Executive Officer of AMCON stated this at an interactive session with media executives in Lagos on Thursday.
Alade said: “Unfortunately for them, we were told of this trend before we assumed office.
“So, we are not deterred by these antics.
“Our appointment is a call to serve the motherland, and we will deliver that with all humility and sincerity of purpose.
“Dealing with AMCON’s recalcitrant debtors is not easy, but dealing with such debtors who are in government, holding very high positions across different decision-making portfolios in governance in the country, is one of the most challenging tasks that I have ever faced in my career.
“AMCON, under our Executive Management with my humble self in the saddle, will continue to go about our recovery mandate with the fear of God, love of country, and will follow the rule of law.
“Please, no matter the skewed narration these obligors come to give to you in your different newsrooms, kindly take it with a pinch of salt.
“If you recall, the last time we met, we told you there was a ban on asset sales.
“But today, with the Board is now in place, the sale of assets by AMCON has been lifted, and consequently we have sold some high-profile assets running into several billions of Naira.”
Alade further disclosed that Arik Air (in Receivership) is returning to profitability, “and our engagements with AfreximBank are yielding positive results.
“Aero Contractors is also delivering massive value in the country.
“As of today, Aero is the only airline in Nigeria with an MRO, and that can only be the result of effective and prudent management.”
Alade also said that the divestment of Ibadan Electricity Distribution Company is almost completed and that AMCON would soon hand over the company to the preferred bidder.
He added that even as the current leadership of AMCON has stretched the bidders to get the best and most realistic value, there are still some distractions out there.
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In a bid to ramp up recoveries, he disclosed: “We have also commissioned some foreign asset tracers who will help us locate where some of these obligors have hidden their assets across the globe.”
The CEO said AMCON’s recovery efforts have been strongly supported by President Bola Ahmed Tinubu, judiciary, Central Bank of Nigeria, Federal Ministry of Finance and Attorney General of the Federation.
Others are the Economic and Financial Crimes Commission, police, Independent Corrupt Practices and other related offences Commission, National Assembly, and a host of other sister agencies of the government.
AMCON was set up with the legal mandate to manage Non-Performing Loans (NPLs) of banks by offloading the toxic assets from their books and injecting fresh funds, aligning with corporate insolvency restructuring principles.
With this mechanism, bank depositors retain their deposits because they have confidence in the financial system, assuring banks’ ability to honour their obligations.
AMCON then manages the acquired Eligible Bank Assets (EBAs) preparatory to their disposal.
