AMCON PLANS TO SEIZE NIGERIAN CHRONIC DEBTOR'S ASSETS OVERSEAS
Overview:
The Asset Management Corporation of Nigeria (AMCON) is taking decisive steps to recover assets from chronic debtors, including those hidden overseas. The Managing Director/CEO of AMCON, Gbenga Alade, shared these plans during a media session in Lagos.
Key Details:
1. International Asset Tracing:
- AMCON is engaging international asset tracers to locate assets of chronic debtors hidden abroad.
- The goal is to trace and seize these assets globally, overcoming the challenges posed by debtors who have transferred their assets far from reach.
2. AMCON’s Empowerment:
- AMCON has the legal authority to trace and seize personal assets of debtors globally.
- The focus is on ensuring that these assets, which belong to Nigerians, are not lost to debtors' hidden strategies.
3. AMCON's Strategy:
- The organization emphasizes asset management over asset sales, aiming to make assets profitable.
- Assets that can generate revenue or employment are retained and managed rather than sold.
- The firm only sells assets when debtors concede their inability to repay, offering assets for sale to cover debts.
4. Financial Performance:
- AMCON reported a significant profit increase in 2023, with a profit of N108.4 billion compared to N34.7 billion in 2022.
- This improvement is attributed to a substantial reduction in operating expenses.
5. Polaris Bank:
- AMCON is managing bad loans for Polaris Bank, with the Central Bank of Nigeria overseeing the bank's new capital requirements.
6. Government and Legislative Support:
- The House of Representatives Committee on Banking & Ancillary Institutions has urged AMCON to intensify efforts in recovering the nearly N5 trillion owed by debtors.
Overview:
The Asset Management Corporation of Nigeria (AMCON) is taking decisive steps to recover assets from chronic debtors, including those hidden overseas. The Managing Director/CEO of AMCON, Gbenga Alade, shared these plans during a media session in Lagos.
Key Details:
1. International Asset Tracing:
- AMCON is engaging international asset tracers to locate assets of chronic debtors hidden abroad.
- The goal is to trace and seize these assets globally, overcoming the challenges posed by debtors who have transferred their assets far from reach.
2. AMCON’s Empowerment:
- AMCON has the legal authority to trace and seize personal assets of debtors globally.
- The focus is on ensuring that these assets, which belong to Nigerians, are not lost to debtors' hidden strategies.
3. AMCON's Strategy:
- The organization emphasizes asset management over asset sales, aiming to make assets profitable.
- Assets that can generate revenue or employment are retained and managed rather than sold.
- The firm only sells assets when debtors concede their inability to repay, offering assets for sale to cover debts.
4. Financial Performance:
- AMCON reported a significant profit increase in 2023, with a profit of N108.4 billion compared to N34.7 billion in 2022.
- This improvement is attributed to a substantial reduction in operating expenses.
5. Polaris Bank:
- AMCON is managing bad loans for Polaris Bank, with the Central Bank of Nigeria overseeing the bank's new capital requirements.
6. Government and Legislative Support:
- The House of Representatives Committee on Banking & Ancillary Institutions has urged AMCON to intensify efforts in recovering the nearly N5 trillion owed by debtors.