The Assets Management Corporation of Nigeria (AMCON) has said that it has so far recovered about N1.48 trillion out of N4.16 trillion toxic debts owed the banks.
The corporation also disclosed that 7,902 obligors are still outstanding with more than N3.1 trillion to recover due to debt recovery challenges it is facing.
According to a statement by AMCON, this disclosure was made by its Managing Director, Ahmed Kuru, on Monday in Kaduna, at the 2021 retreat of the Senate Committee on Banking, Insurance and other Financial Institutions with the management of AMCON.
Kuru, in the statement entitled, ‘AMCON Debt: Senate pushing for additional cooperation from CBN, NDIC’, pointed out that 350 obligors alone accounted for over N2.05trillion, which constitutes over 70 per cent of the total outstanding amount, according to agency reports. The statement from AMCON partly read: “The Managing Director/CEO of AMCO, Ahmed Kuru, told the committee that AMCON was strongly battling with its debt recovery activities.
“It was very difficult, particularly given AMCON’s peculiar situation, out of a total of N4.16 trillion, the corporation had so far recovered over N1.48 trillion.
“AMCON still had 7,902 outstanding obligors with total outstanding loan of above N3.1 trillion as 350 obligors alone account for over N2.05 trillion, which is more than 70 per cent of total outstanding amount.’’
He said despite the efforts of the corporation, the economy and the banking sector were not growing at the expected rate, creating a huge gap in its recovery operations.