As part of the renewed strategy of the executive management of the Asset Management Corporation of Nigeria (AMCON), led by Gbenga Alade as MD/CEO, the Corporation at the weekend during an interactive session in Abuja said it plans to deepen its collaboration with all stakeholders, especially the Asset Management Partners (AMPs) scheme, which was established in 2016.
Welcoming the AMPs to its inaugural interactive session since the assumption of the current executive management of AMCON, the Executive Director in charge of Resolution, Adeshola Lamidi, whose directorate in AMCON manages the AMPs scheme, said the new dawn in the corporation includes proactive and practical applications to debt recovery.
He said AMCON has decided to take its relationship with the appointed AMPs to the next level, which he also assured would be mutually beneficial to both.
Reassuring the AMPs of the decision of the AMCON management to continue the partnership programme, Lamidi said sessions such as the one they held would “provide a timely and strategic opportunity for us to reflect on our journey so far, re-evaluate our recovery strategies and pave the way forward for better effectiveness, and efficiency in conducting this national assignment”.
He reminded the AMPs: “AMCON’s mandate was at creation summarised in two folds: To stabilise the financial system (which we have done through the acquisition of non-performing loans and providing funds to the banks to avoid a systemic failure in the nation’s financial system, and the recovery of these loans.”
He stated that whilst AMCON has performed very well over the years, there is still room for improvement, adding: “Our success depends greatly on you, our Asset Management Partners (AMPs), through your dedication, innovation and professionalism.
Also Read;
- Meta: Social media users call for establishment of indigenous networking platforms
- N50b Earned Allowances: Crisis brews in varsities as SSANU, NASU reject sharing formula
- Tinubu to Obi, Others at Vatican: I’m head of Nigeria’s delegation
- Tinubu charges Nigerian Catholic Bishops at meeting in Rome
- Over N4t Debt: AMCON, AMPs tighten noose on obligators
“In achieving greater success, we must deepen collaboration, uphold ethical standards, and embrace strategic thinking in our recovery efforts.
“This session is therefore designed not only to strengthen engagement with our partners but also to jointly explore practical solutions, share feedback, and forge better ways forward.”
Validating the position of the Executive Director, Alade, while declaring the interactive session open, underscored the importance of the AMP scheme when he urged the AMPs to take the AMCON debt recovery assignment seriously.
He said: “You must not underrate your importance to the Corporation.
“You are indeed very critical to our success, as our workforce of less than 500 personnel with offices in Lagos and Abuja may not effectively cope with the over 1,200,000 portfolios in our inventory.
“Accordingly, the imperative of deepening our mutual synergy is readily apparent.
“With an inevitable Sunset date and recalcitrant debtors, a high premium is placed on debt recovery efforts to ensure that the Corporation achieves its statutory mandate.
“In other words, with a looming Sunset date, it is necessary that you are more aggressive in your debt recovery drive.
“We are not oblivious to the herculean challenges confronting you in your debt recovery strides.
“Certainly, debt recovery has never been easy.
“However, most of you have surmounted these hurdles with excellent performance to your credit.
“Your consistent feedback from previous sessions and at other fora formed the fulcrum of the Federal High Court (Asset Management Corporation of Nigeria) Proceedings Rules, 2024, and the establishment of the Insolvency Unit of the Federal High Court on Monday, March 24, 2025.
“In the Notice establishing the Insolvency Unit at the Federal High Court, my lord the Hon. Chief Judge of the Federal High Court explained that it was created pursuant to the ‘relevant insolvency provisions of the AMCON Act, 2010 (as amended)’ and the Companies and Allied Matters Act (CAMA), 2020.’
“Amongst others, the functions of the Unit include the effective implementation of the provisions of the insolvency laws relating to Company Voluntary Arrangements, Administration, Receivership, Winding-Up and various forms of restructuring.
“Notably, this Unit was established in accordance with global best practices on insolvency.
“It will also offer specialised and standardised services on insolvency.
“Furthermore, the Unit will serve as a dedicated channel for supervisory and enforcement infrastructure on insolvency issues.
“For AMCON, this Unit will offer the Fast Track services inherent to the realisation of the Corporation’s mandate and the procedure enacted by the Federal High Court AMCON Rules, 2024.
“In addition to the Unit in the Abuja Division, the Corporation is collaborating with the office of the Hon. Chief Judge of the Federal High Court to have this Unit established in Lagos, Port Harcourt, Enugu, Kano, and Kaduna Divisions of the Federal High Court.
“This will enhance your performance and also ease your challenges while delivering your tasks to the Corporation.
“The FHC AMCON Rules, 2024 have robustly prescribed the procedure for realising the extraordinary powers of the Corporation as enshrined in its establishment Act 2010 and subsequent amendments.
“Our resource person will take you through the nitty-gritty of the Proceeding Rules.
“Similarly, the Hon. President of the Court of Appeal, also in the exercise of the powers as the Hon. President of the Court of Appeal approved the Court of Appeal (Fast Track) Practice Directions, 2021 to expedite disposal of matters relating to AMCON debt recovery and indeed other institutions that relate with insolvency.
“The Fast Track Practice Directions has accommodated the expedient provisions of the AMCON Act, 2010 (as amended) by prescribing that the Court of Appeal can exercise any power conferred by any law and impose conditions, including a condition to pay a judgment debt or other sum of money into Court’s Registry or specify the consequence (s) of failure to comply with the order or the condition.
“Similar provisions are also captured by the Supreme Court Rules, 2024.”
It would be recalled that when the AMPs scheme was set up in 2016, the strategy was for AMCON to leverage the expertise of the firms to resolve debts that are categorised into two: debts of N100 million and below, and debts of N100 million and above.
The corporation also, through that platform, intends to nurture its transformation into the preferred model for recovery and resolution of non-performing loans in the banking sector and financial services industry.
A new sub-sector should emerge with desirable job creation and multiplier impact.
Therefore, the AMPs would, among other things, work with AMCON in tracing, identifying, and locating obligors with the intent to resolve their outstanding indebtedness.
“They would also be involved in the identification and location of assets of obligors (both pledged and un-pledged) to enhance the Eligible Bank Assets (EBAs) value and achieve set recovery objectives, negotiation of settlement and restructuring terms with identified obligors in line with approved guidelines.
The AMPs will be vested with the wide powers granted to AMCON by its enabling Act.
It would be recalled that almost nine years ago, AMCON called for applications from reputable and qualified entities with the requisite experience to collaborate with it as AMPs to resolve these debts.
Recall that AMCON was established in 2010 as a resolution vehicle to purchase the non-performing loans from banks, inject liquidity into the banks, and subsequently recover the purchased bad loans.
Since its establishment, AMCON has successfully stabilised the Nigerian banking sector by restructuring and collecting some of these loans.
However, the Corporation is seeking to recover a humongous outstanding debt of over N4.6 trillion in the hands of its obligors.
Themed: “AMCON Debt Recovery in Renewed Hope Paradigm,” the AMCON interaction with the AMPs featured many presentations including: “AMCON Special Powers and the Dissection of the Federal High Court (Asset Management Corporation of Nigeria) Proceeding Rules, 2024, etc; The Role of the EFCC in AMCON debt recovery; Asset Tracing and Documentation; Conventional and Unconventional Asset Tracing as well as AMP case Management and AMP Regime, amongst others.”
Follow The Eagle Online Channel on WhatsApp
