The Asset Management Corporation of Nigeria (AMCON), under the leadership of MD/CEO Mr. Gbenga Alade, convened an interactive session in Abuja to reinforce its strategy for recovering over N4.6 trillion in outstanding debts. AMCON aims to deepen collaboration with stakeholders, particularly the Asset Management Partners (AMPs) established in 2016.
During the session, Executive Director of Resolution, Mr. Adeshola Lamidi, emphasized a new era of proactive debt recovery. He assured AMPs of a strengthened, mutually beneficial partnership to enhance recovery strategies and ensure efficient execution of their national mandate.
Lamidi reiterated AMCON's dual mandate: stabilizing the financial system and recovering non-performing loans, stressing the vital role of AMPs' dedication and professionalism in achieving greater success through deepened collaboration and strategic thinking.
Mr. Gbenga Alade underscored the AMPs' importance, citing their assistance in managing AMCON's extensive portfolio. He urged a more aggressive debt recovery drive given the looming "Sunset date" and acknowledged the challenges faced by AMPs. Alade highlighted that AMPs' feedback contributed to the creation of the Federal High Court (Asset Management Corporation of Nigeria) Proceedings Rules, 2024, and the establishment of the Federal High Court's Insolvency Unit on March 24, 2025.
The AMCON CEO detailed the Insolvency Unit's functions, including implementing insolvency laws and offering specialized services. AMCON is working to establish this unit in several Federal High Court divisions across Nigeria to further support AMPs' work. Additionally, the Court of Appeal and Supreme Court have introduced measures to expedite AMCON debt recovery matters.
Since 2016, AMCON has leveraged AMPs' expertise to resolve debts and aims to become the preferred model for non-performing loan recovery. AMPs are tasked with tracing obligors and their assets, negotiating settlements, and utilizing AMCON's powers. Established in 2010, AMCON has stabilized the Nigerian banking sector but now focuses on recovering the substantial outstanding debt.
The interactive session, themed "AMCON Debt Recovery in Renewed Hope Paradigm," included presentations on AMCON's special powers, the new Federal High Court rules, the EFCC's role in debt recovery, asset tracing, and AMP case management.
Mr. Gbenga Alade underscored the AMPs' importance, citing their assistance in managing AMCON's extensive portfolio. He urged a more aggressive debt recovery drive given the looming "Sunset date" and acknowledged the challenges faced by AMPs. Alade highlighted that AMPs' feedback contributed to the creation of the Federal High Court (Asset Management Corporation of Nigeria) Proceedings Rules, 2024, and the establishment of the Federal High Court's Insolvency Unit on March 24, 2025.
The AMCON CEO detailed the Insolvency Unit's functions, including implementing insolvency laws and offering specialized services. AMCON is working to establish this unit in several Federal High Court divisions across Nigeria to further support AMPs' work. Additionally, the Court of Appeal and Supreme Court have introduced measures to expedite AMCON debt recovery matters.
Since 2016, AMCON has leveraged AMPs' expertise to resolve debts and aims to become the preferred model for non-performing loan recovery. AMPs are tasked with tracing obligors and their assets, negotiating settlements, and utilizing AMCON's powers. Established in 2010, AMCON has stabilized the Nigerian banking sector but now focuses on recovering the substantial outstanding debt.
The interactive session, themed "AMCON Debt Recovery in Renewed Hope Paradigm," included presentations on AMCON's special powers, the new Federal High Court rules, the EFCC's role in debt recovery, asset tracing, and AMP case management.
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