AMCON will witness all-round transformation under Alade — Financial expert

The Asset Management Corporation of Nigeria (AMCON), has been said will witness all-round transformation under the newly appointed Managing Director, Gbenga Alade.

This was the submission of a financial and economy expert, Mr Kazeem Owolabi while reacting to the appointment of Alade, which he described as the best to happen to AMCON in recent times.

Owolabi noted that the new AMCON helmsman be deploying the much-needed knowledge for motivating AMCON towards exploring alternative strategies that include debt-equity swaps and effective legal procedures for timely retrieval and management of debts.

He stated further, “The appointment of Gbenga Alade as the new Managing Director of Asset Management Corporation of Nigeria (AMCON) is yet another proof that President Bola Ahmed Tinubu is committed to the idea of fixing round pegs in round holes in the overriding interest of the country.

“The new head of AMCON is not oblivious to the challenge of leading the charge as expected from stakeholders across the board. He recognises the onerous responsibility of delivering on the critical mandate of cleaning the financial system by acquiring non-performing loans from banks and other eligible financial institutions (EFIs).

“AMCON under the new leadership is expected to change the narrative of recurring debt evasion debtors and penchant for dubious technicalities to frustrate asset recovery. The new AMCON has the requisite experience and the know-how to make AMCON become an accelerated debt recovery corporation considering his track record.

“AMCON is expected to be more strategic and effective by collaborating with other agencies and by exploring alternative dispute resolution mechanisms as well as strengthening legal frameworks.

“There is no doubt that stakeholders anticipate that the pedigree of the new AMCON chief executive would help prevent the accumulation of non-performing loans which often necessitate fostering of risk management regimes within the banking sector through responsible lending and effective enforcement of regulations,” Owolabi concluded.

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