The Asset Management Corporation of Nigeria says it has sued about 3,000 debtors as part of the measures to narrow bad debts in the nation’s financial institutions.
The agency conveyed this in a statement, ‘Recovery for N5tn debt burden, AMP scheme pivotal – AMCON CEO’, after a two-day training for Asset Management Partners of AMCON in Lagos.
The agency said the AMPs scheme of the government agency currently has about 6,000 Eligible Bank Assets at different stages of resolution and about 3,000 matters at various courts in the country,” the corporation said.
It explained that it was necessary that each of the cases were properly captured as they progressed in the courts.
The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, said five years after AMCON launched the AMP scheme, the initiative had been a major tool in the recovery efforts of the corporation and key to its success.
He recalled that AMCON was making efforts to recover over N5tn from obligors that had remained unwilling to repay their debt.
He said of this figure, the government agency had informed Nigerians that only 350 obligors alone accounted for N3.6tn, which was over 82 per cent of the outstanding exposure.
