AMCON recovers N1.48tr from debtors

AMCON recovers N1.48tr from debtors

The Asset Management Corporation of Nigeria (AMCON) has recovered N1.48 trillion from debtors, according to its Managing Director, Ahmed Kuru. He said the amount was recovered out of the N4.158 trillion owed to the corporation.

Kuru, who spoke in Kaduna at the 2021 retreat of the Senate Committee on Banking Insurance and other Financial Institutions with the management of AMCON, said that AMCON still has 7,902 outstanding obligors with a total outstanding loan of above N3.1 trillion.

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According to him, 350 obligors alone account for over N2.053 trillion, which is more than 70 per cent of the total outstanding amount.

He said: “All our action is geared towards settling our obligation with the CBN. After recovery and disposal, funds are paid directly into our CBN account. Recovery and disposal of assets have so far contributed above N1.270 trillion towards settling our obligation.

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