AMCON’s assets under management now N137bn

The total assets of the Asset Management Company of Nigeria (AMCON) currently stand at N136.73 billion, its Managing Director/Chief Executive Officer, Ahmed Kuru, said on Sunday.

Mr Kuru, who made the declaration in a statement on Sunday titled, “AMCON N5tn Debt: AMCON, Senate Collaborate to Drive Recovery,” also noted that the corporation has property assets valued at N112.03 billion.

According to the statement, Kuru requested legislative support for asset recovery while leading AMCON’s management to appear at a technical session of the Senate Committee on Banking, Insurance and Other Financial Institution, which held in Abuja.

The committee had met to review the effects of the coronavirus pandemic on AMCON’s policies and processes in order to reposition the corporation for optimal performance in the face of the COVID-19 crisis.

“We want the 9th Senate of the Federal Republic of Nigeria to pile pressure on some of our obligors through the Senate Committee on Banking Insurance and Other Financial Institutions under the leadership of Senator Uba Sani as Chairman. Some of these obligors are very important members of the society and, as distinguished senators, I know they have all it takes to intervene and even compel AMCON obligors to meet their obligation.

“This is because we cannot overemphasise the importance of recovering the huge outstanding and the positive impact it will have in the Nigerian economy, which like other economies have been further challenged by the outbreak of the dreaded coronavirus pandemic,” said the AMCON CEO.

He observed that the firm seen sluggish judicial process including undue adjournment because debtors were taking advantage of loopholes in the law.