As part of its renewed debt recovery drive, the Asset Management Corporation of Nigeria (AMCON), under the leadership of Managing Director/CEO Mr. Gbenga Alade, has reaffirmed its commitment to strengthening collaboration with key stakeholders—particularly its Asset Management Partners (AMPs).
At an interactive session in Abuja, the first of its kind since the new executive management team assumed office, AMCON’s Executive Director of Resolution, Mr. Adeshola Lamidi, emphasised the corporation’s resolve to adopt more practical and strategic approaches to debt recovery. He assured AMPs of continued partnership, highlighting that stronger synergy will benefit both parties and improve the corporation’s efficiency.
“This forum presents a timely opportunity to reflect on our progress, reassess our strategies, and chart a more effective path forward,” Lamidi said. He reminded attendees that AMCON’s mandate centers on stabilizing the financial system through acquisition and recovery of non-performing loans—an objective in which the AMPs play a crucial role.
While acknowledging the significant progress made, Lamidi noted that there is room for improvement. He called on AMPs to uphold ethical standards, embrace innovation, and deepen collaboration to meet AMCON’s ambitious recovery targets.
Mr. Alade, while declaring the session open, reiterated the strategic importance of the AMPs in tackling the over 12,000 loan portfolios in AMCON’s books. With a staff strength of fewer than 500 people spread across only two offices in Lagos and Abuja, he said, the corporation must rely on AMPs to meet its statutory mandate—especially as the end of AMCON’s operational lifespan (sunset date) approaches.
“Debt recovery is challenging, but your performance has been commendable,” Alade stated, noting that feedback from AMPs contributed significantly to the recent rollout of the Federal High Court (AMCON Proceedings) Rules, 2024, and the establishment of the Insolvency unit of the Federal High Court in March 2025. The unit, created under provisions of the AMCON Act and CAMA 2020, is tasked with implementing global best practices in insolvency, including company restructuring, receivership, and winding-up proceedings.
Beyond Abuja, plans are underway to replicate this Insolvency Unit across Federal High Court divisions in Lagos, Port Harcourt, Enugu, Kano, and Kaduna—further enhancing recovery efficiency. Alade also noted the support of the Court of Appeal through its Fast Track Practice Directions (2021), as well as the Supreme Court’s 2024 Rules, which fast-track AMCON-related debt recovery cases.
Since the launch of the AMP scheme in 2016, AMCON has partnered with specialized firms to recover debts segmented into two categories: those below N100 million and those above. AMPs are empowered to trace obligors and their assets, negotiate settlements, and help achieve recovery goals using the full extent of AMCON’s statutory powers.
AMCON, established in 2010, was designed as a resolution vehicle to purchase bad loans, inject liquidity into banks, and recover non-performing assets. While it has made significant progress in stabilising the financial sector, the Corporation still seeks to recover over N4.6 trillion from recalcitrant debtors.
Themed: “AMCON Debt Recovery in a Renewed Hope Paradigm”, the Abuja session featured expert presentations on topics including: “AMCON’s Special Powers and the Federal High Court (AMCON Proceedings) Rules, 2024,” the role of the EFCC in debt recovery, asset tracing techniques, and AMP performance management.
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