AMCON, AMPs intensify efforts to recover over N4 trillion in debts

By Chioma Obinagwam

The Asset Management Corporation of Nigeria (AMCON), under the leadership of the Managing Director/Chief Executive Officer (MD/CEO) Mr. Gbenga Alade, is ramping up its debt recovery strategy by strengthening collaboration with its Asset Management Partners (AMPs). 

Confiance News gathered from a statement issued by the Head, Corporate Communications at AMCON, Jude Nwauzor on Monday.

During an interactive session in Abuja, AMCON outlined plans to enhance its partnership with the AMPs, a scheme launched in 2016, to tackle over N4.6 trillion in outstanding debts.

Executive Director Mr. Adeshola Lamidi, who oversees the AMPs scheme, emphasized a new proactive approach to debt recovery, aiming to deepen ties with AMPs for mutual benefit. He highlighted AMCON’s dual mandate: stabilizing Nigeria’s financial system by acquiring non-performing loans and recovering these loans. While AMCON has made significant progress, Lamidi stressed that success hinges on the dedication, innovation, and professionalism of the AMPs. The session was designed to foster collaboration, share feedback, and devise practical solutions for more effective debt recovery.

AMCON’s CEO, Mr. Gbenga Alade, underscored the critical role of AMPs, noting that AMCON’s workforce of fewer than 500 personnel across Lagos and Abuja cannot manage its 12,000+ loan portfolios alone. With a looming sunset date, Alade urged AMPs to intensify recovery efforts despite challenges posed by recalcitrant debtors. He acknowledged their strong performance and credited their feedback for shaping key developments, such as the Federal High Court (AMCON) Proceedings Rules, 2024, and the establishment of the Insolvency Unit at the Federal High Court on March 24, 2025.

The Insolvency Unit, created under the AMCON Act 2010 (as amended) and the Companies and Allied Matters Act (CAMA) 2020, will streamline insolvency processes, including company voluntary arrangements, administration, receivership, and restructuring. This unit, initially set up in Abuja, will expand to Lagos, Port Harcourt, Enugu, Kano, and Kaduna to support AMPs’ efforts. Additionally, the Court of Appeal (Fast Track) Practice Directions, 2021, and Supreme Court Rules, 2024, expedite AMCON-related cases, enhancing recovery processes.

The AMPs scheme, established in 2016, leverages external expertise to resolve debts categorized as N100 million and below, and those above N100 million. AMPs assist AMCON in tracing obligors, locating assets, and negotiating settlements, wielding powers granted by AMCON’s enabling Act. The goal is to create a robust debt resolution model for Nigeria’s banking sector, fostering job creation and economic impact.

Since its inception in 2010, AMCON has stabilized the banking sector by purchasing non-performing loans and injecting liquidity into banks. However, the corporation still faces the challenge of recovering over N4.6 trillion. The Abuja session, themed “AMCON Debt Recovery in Renewed Hope Paradigm,” featured discussions on AMCON’s special powers, the new Federal High Court rules, the role of the EFCC in debt recovery, and advanced asset-tracing techniques.

By deepening its partnership with AMPs and leveraging new judicial frameworks, AMCON aims to tighten the noose on obligors and achieve its recovery objectives efficiently.