In a shrewd bid to recover outstanding debts of nearly N5trillion, the Asset Management Corporation of Nigeria (AMCON) has announced plans to engage international asset tracers to locate and recover assets hidden by recalcitrant debtors offshore including those masqueraded under Special Purpose Vehicles (SPVs).
The Managing Director/Chief Executive Officer, Mr. Gbenga Alade made this revelation during a meeting with senior members of the print and online media in Lagos on Monday. Alade stated that since the new management took over about five months ago, they have successfully collected approximately N100 billion from several high-profile debtors and revised the sale of some assets. By engaging international asset tracers and focusing on key sectors, AMCON aims to recover outstanding debts and contribute to the overall economic growth and development of the country.
Meanwhile, Alade also revealed that the Chairman of the House Committee on Finance has pledged to name and shame obligors who have yet to repay their debts at a major stakeholders’ conference that would hold before the end of the year. He revealed plans to organize a conference where senior officials from the Central Bank of Nigeria (CBN), relevant ministries, banks, and the judiciary will be invited to discuss the challenges posed by non-performing loans in the country.