The Managing Director/CEO, Asset Management Corporation of Nigeria , Ahmed Kuru, has hinted on the corporation’s plan to disengage Asset Management Partners that are not effective in recovering N740 billion debts assigned to them.The accounts outsourced to AMPs constitute only 20 per cent or N740 billion of the total Eligible Bank Assets portfolio of N3.7 trillion.
Kuru said that collaborating with AMPs became necessary because AMCON has a total loan portfolio of over 12,000 loans of various sizes and sectors that are still lingering many years after the corporation was established. The AMPs, he further said, were also empowered to enable them get involved in negotiation of settlement & restructuring terms with identified obligors in line with approved guidelines; pursuing & enforcing debt recovery and collection activities geared towards optimization of assigned portfolio to achieve set targets and initiation of legal actions to further the loan recovery mandates in line with approved guidelines, amongst other obligor engagements.