Assets under AMCON management stand at N136.73bn

The assets under management of the Asset Management Corporation of Nigeria (AMCON) stand at N136.73bn while it has about N112.03bn worth of propriety assets.

The Managing Director/Chief Executive Officer, AMCON, Mr. Ahmed Kuru, stated this on Sunday in a statement titled “AMCON N5tn debt: AMCON, Senate collaborates to drive recovery.”

The statement said Kuru disclosed this when he led the management of AMCON to appear before a technical session of the Senate Committee on Banking Insurance and other Financial Institutions in Abuja.

The committee met to review the impact of COVID-19 on AMCON policies and process with the view to repositioning AMCON for optimal performance amidst the pandemic.

“The corporation is not deterred because as at August 2020, AMCON’s assets under management amounted to about N136.73bn, while the agency has about N112.03bn worth of propriety assets,” he said.

Kuru renewed the call for legislative support to help the agency to recover loans from prominent defaulters in the society.

He said, “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.”

The AMCON boss said the corporation had witnessed slow judicial process including undue adjournment because debtors were exploring loopholes in the law.