Within 10 years of its existence, the Asset Management Corporation of Nigeria (AMCON) has said it recovered N1.6tn from bad debtors.
This was disclosed in a statement signed by the Head of Corporate Communications Department, AMCON, Mr Jude Nwauzor, on Tuesday titled, ‘AMCON, NIFU indispensable agencies in the revival of Nigeria’s financial system – Hon. Justice Tsoho’.
According to the statement, the Managing Director, AMCON, Lawan Kuru, said, “Out of total of N4.66tn, we have so far recovered about N1.6tn in the more than 10 years of our existence. We still have a long way to go! About 350 obligors account for N3.96tn, which is above 84 per cent of total outstanding amount.
“Our debt is in the balance sheet of the Central Bank of Nigeria, and therefore a threat to the economy. After recovery and disposal, funds are paid directly into our CBN account. Recovery and disposal of assets have so far contributed about N1.6tn towards settling our obligation.”
The statement added that the Chief Judge of the Federal High Court, Justice John Tsoho, was currently in London, United Kingdom, in the company of other Federal High Court judges from Nigeria to attend the annual training for this class of top judicial officers, which was declared open on Monday by High Commissioner for Nigeria in the United Kingdom, Sarafa Isola.
AMCON was led by Kuru; while Nigerian Financial Intelligence Unit, was led by Mr Modibbo Tukur.
Tsoho in his welcome address at the commencement of the training, said, “An effective judicial system is the bedrock of any civilised society. Thus, it is necessary to equip ourselves with the inherent skills for effectual macro and micro economic adjudication in the virtual era. Increased online transactions with accompanying economic value will trigger diverse legal issues. Therefore, the court must be prepared for this nascent technology.”
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