The Asset Management Corporation of Nigeria, AMCON under the leadership of Gbenga Alade has broken the yoke in recent times, with huge recovery of outstanding debts owed to the Central Bank of Nigeria, CBN within two years of his appointment.
Alade as the, Managing Director recovered a historic 3.6 Trillion from obligors exposures of over 4 Trillion since it’s inception, covering about 87% within two years of it’s assumption of duty.
AMCON, a design by the Central Bank of Nigeria, CBN in 2010, that reinvigorated and recovered Banks exposures and huge toxic loans owed by individuals , conglomerates among many others.
The inception of AMCON bailed out ailing Banks that returned some of the Nigeria Banks into business, after the grand bail out to save both depositors funds and customers.
On assumption of duty in February, 2024 , Alade read the riot acts to debtors on the management’s determination to recover every Kobo owed by debtors to boost the economy and return the country debt performance to positive stead .
After series of consultations, litigations, invitations and conferment on the modus operandi of repayment as the way forward, Alade asserted that the process of recovery of debts from obligors is sacrosanct and uncompromising.
With the landmark recovery of over 3 trillion in two years, no doubt before the end of the Renewed Hope Agenda,RHA , of President Bola Ahmed Tinubu first tenure, AMCON’s resolve to recover all exposures in the country.
The positive development has proved cynics wrong that AMCON’s debt recovery process was lame duck against the regulatory roles.
The advocates of winding down AMCON will be doing a disservice to the country, and allowed bad debts subsist in the country, having recovered funds that was considered irrecoverable and irredeemable in the last two decades.
All hands must be on deck to continue to support the Initiatives, reforms and transformation agenda of Gbenga Alade towards repositioning AMCON with a view to continue to carrying out it’s statutory functions.
Aside recovery of toxic debts, AMCON as an institution is charged towards carrying out supervisory roles , due ,diligence before availement from or by commercial Banks in the country, to avoid further pitfalls and recurrence.
The Gbenga Alade led AMCON is glaringly determined to execute it’s mandate among many others going forward.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
