AMCON enlists international tracers to recover N5tr assets from debtors

In a bold determination to retrieve outstanding debts of astir N5trillion, the Asset Management Corporation of Nigeria (AMCON) has announced plans to prosecute planetary plus tracers to find and retrieve assets hidden by recalcitrant debtors offshore including those masqueraded nether Special Purpose Vehicles (SPVs).

This determination was revealed by the Managing Director/Chief Executive Officer, Mr. Gbenga Alade, during a gathering with the media successful Lagos connected Monday.

Alade stated that since the caller absorption took implicit astir 5 months ago, they person successfully collected astir N100 cardinal from respective high-profile debtors and revised the merchantability of immoderate assets.

He emphasised that the enactment has been receiving beardown enactment from President Bola Ahmed Tinubu, the Central Bank Governor, the Federal Ministry of Finance, the Attorney General of the Federation, and the National Assembly successful their efforts to retrieve debts transferred by banks to AMCON during the antithetic phases of Eligible Bank Asset (EBA) acquisition.

Furthermore, the CEO mentioned that the Chairman of the House Committee connected Finance has pledged to sanction and shame obligors who person yet to repay their debts astatine a large stakeholders’ league that would beryllium held earlier the extremity of the year. He revealed plans to signifier a league wherever elder officials from the Central Bank of Nigeria (CBN), applicable ministries, banks, and the judiciary volition beryllium invited to sermon the challenges posed by non-performing loans successful the country.

Alade highlighted 4 cardinal sectors that the caller absorption has chosen to absorption on. They see lipid and gas, power, telecommunications, and aviation.

He expressed assurance that resolving issues surrounding assets successful the lipid and state assemblage volition boost production, make much overseas exchange, and make employment opportunities for citizens. The CEO noted that they person achieved singular results successful 2 of these assets successful little than 5 months.

In the powerfulness sector, AMCON stated that it has made important advancement successful 1 of the biggest organisation companies and an abandoned powerfulness task successful Kaduna.

“A memorandum of knowing has been signed, and operations are expected to commence wrong the adjacent six months. The corp is besides moving connected different assets successful the powerfulness sector, peculiarly successful Aba, arsenic reliable powerfulness proviso has go a large interest for small, medium, and large-scale enterprises”, helium added.

Alade emphasised the imaginable interaction of addressing powerfulness challenges successful Nigeria, stating that immoderate banks with astir 400 branches crossed the state walk arsenic overmuch arsenic N500 cardinal annually connected diesel for their generators. He believes that tackling the powerfulness assemblage volition importantly amended the wide concern environment.

He further explained that AMCON is besides moving connected assets successful the telecommunications sector, aiming to revive dormant assets and bring them backmost into operation. In the aviation sector, the corp is addressing issues involving 2 airlines, with the anticipation of expanding Arik Airline’s fleet from 3 to 8 craft by March 2025, which could assistance trim airfares successful the section aviation industry.