Monday, March 18,
2019 06:41AM / By Vanguard / / Header Image Credit: The Guardian Nigeria
Asset Management Corporation of Nigeria, AMCON, has hinted that it would disengage Asset Management Partners (AMPs), that are unable to cope with the speed and enormous challenges of debt recovery expected by the corporation.
Managing Director/Chief Executive Officer, AMCON, Mr. Ahmed Lawan Kuru, who gave this hint added that the corporation may assign more accounts to AMPs that have shown aggression and zeal based on the review of the AMP scheme so far. He was speaking at the 2019 edition of the AMCON/AMPs Interactive/Feedback session in Abuja.
AMPs, are consortiums appointed by AMCON after a rigorous selection process with specialist skills required to ensure recovery and debt resolution; banking, legal, valuation and accounting.
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. He stated that when this is compared to AMCON’s staff strength, it became obvious that the corporation surely needed a strategic approach to improve coverage, recovery and results.
Kuru also disclosed that the AMPs are currently handling over 6,000 accounts within AMCON portfolio. Although in terms of weight, the accounts, which have been outsourced to AMPs constitute only 20 percent or N740billion of the total EBA portfolio of N3.7trillion. AMCON he insisted places equal importance on the recovery efforts as they count towards the achievement of the corporation’s core mandate.
Principal Partner, Lexavir Partners, Mr. Francis Chuka Agbu, SAN and AMCON’s Group Head, Enforcements, Mr. Aliyu Kalgo who also spoke at the forum called on the AMPs to leverage the special powers as provided by the AMCON Act 2010 as amended to improve on their assignment. Other speakers at the forum include Mr. Benedict Daminabo, who spoke on AMCON Enforcement Procedures; Mr. Kunle Olalekan who dealt with the issues of Share Tracing and Transfer.
This post AMCON mulls disengagement of non-performing AMPs first appeared in Vanguard on Mon, Mar 18, 2019