The Asset Management Corporation of Nigeria (AMCON) has introduced a fresh strategy aimed at recovering more than ₦4 trillion in outstanding debts owed by various obligors across Nigeria. This new approach includes strengthening collaboration with its Asset Management Partners (AMPs), a critical part of its recovery efforts since 2016.
According to a statement by Jude Nwauzor, Head of Corporate Communications at AMCON, the renewed push is designed to support the corporation’s mission of cleaning up non-performing loans (NPLs) in the banking sector and stabilising the financial system.
Adeshola Lamidi, AMCON’s Executive Director in charge of Resolution, highlighted the need for deeper synergy with the AMPs. “Our success depends greatly on you, our Asset Management Partners, through your dedication, innovation and professionalism. We must deepen collaboration, uphold ethical standards, and embrace strategic thinking in our recovery efforts,” Lamidi said.
Lamidi explained that AMCON’s core responsibility is to stabilise the financial system by purchasing toxic loans from commercial banks to prevent systemic collapse. He added that while the Corporation has made visible progress in debt recovery, there is still a significant amount of unrecovered debt, prompting the renewed strategy.
The Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, acknowledged the critical role of AMPs in the overall recovery process. “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 12,000 portfolios in our inventory,” Alade said.
Alade stated that AMCON is focused on strengthening cooperation with its partners to meet its mandate, especially as the sunset clause of the AMCON Act draws nearer. He called on the AMPs to intensify recovery efforts in the face of stubborn debtors who have refused to settle their obligations.
“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,” he said.
Part of the new plan involves leveraging recent legal developments. These include the new Insolvency Unit of the Federal High Court, established in March 2024 under the AMCON Act (as amended) and the Companies and Allied Matters Act (CAMA) 2020. The unit is expected to fast-track insolvency-related cases such as administration, receivership, and winding up processes.
To further enhance legal efficiency, AMCON revealed it is working with the judiciary to replicate these specialised Insolvency Units across key judicial divisions in Lagos, Port Harcourt, Enugu, Kano, and Kaduna. The goal is to improve the speed and effectiveness of debt recovery across the country.
The AMPs programme, which categorises debts into those above and below ₦100 million, remains a core strategy in AMCON’s operations. The Corporation confirmed that despite challenges, it has recovered over ₦2.1 trillion since its inception, with much more still outstanding.
AMCON reaffirmed its commitment to utilising all legal tools, partner collaborations, and strategic enforcement actions to drive its recovery mandate. The Corporation also emphasised the role of financial discipline and responsibility in ensuring the sustainability and resilience of Nigeria’s banking system.
