Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru, hinted that AMCON may disengage Asset Management Partners (AMPs) that cannot cope with the speed and enormous challenges of debt recovery expected by the corporation.
He also promised that the corporation may assign more accounts to AMPs that have shown aggression and zeal based on the review of the AMP scheme so far. He made this declaration at the 2019 edition of the AMCON/AMPs Interactive/Feedback Session in Abuja.
“We know it is not easy the jobs we have assigned to you. Recovery is a difficult job but even at that, a few of you (AMPs) have shown they cannot cope; we may have no choice to disengage such partner. But those that have done well, we will upgrade and even assign more responsibilities to such partners because there is indeed need for speed in this assignment. We are convinced that the AMP programme is key to the success of AMCON, and we will give you all the necessary support to make you succeed in this exercise,”
AMCON in 2016 introduced the AMP scheme to assist the corporation’s recovery activities especially in tracing, identification and location of obligors with the intent to resolve their outstanding indebtedness; tracing, identification and location of assets of obligors (both pledged and unpledged) to enhance the EBA value, and achieve set recovery objectives.
Kuru also disclosed that the AMPs are currently handling over 6,000 accounts within AMCON portfolio. Although in terms of weight, the accounts, which have been outsourced to AMPs constitute only 20% orN740billion of the total EBA portfolio of N3.7trillion.
AMCON he insisted places equal importance on the recovery efforts as they count towards the achievement of the corporation’s core mandate.