To accelerate the recovery of over N4.6 trillion in outstanding debts, the Asset Management Corporation of Nigeria (AMCON) has introduced new strategies focused on intensifying pressure on chronic debtors, emphasizing strengthened collaboration with its Asset Management Partners (AMPs).
The initiative was introduced over the weekend during an interactive session in Abuja, where AMCON’s new executive management team, led by Managing Director/Chief Executive Officer Gbenga Alade, met with Asset Management Partners (AMPs) under the theme “AMCON Debt Recovery in Renewed Hope Paradigm.” During the session, Adeshola Lamidi, Executive Director in charge of Resolution, outlined the Corporation’s revised approach, which prioritizes practical and proactive debt recovery strategies. He emphasized that the renewed collaboration with AMPs would not only be maintained but expanded to boost effectiveness. Lamidi described the forum as an opportunity to reflect on past efforts, evaluate recovery strategies, and map out a more impactful way forward.
He reaffirmed AMCON’s dual role of stabilizing the financial system by acquiring non-performing loans and then recovering them, stressing that the success of the second phase would largely depend on the AMPs. “Our progress is closely tied to your commitment, ingenuity, and ethical standards,” Lamidi said. “To achieve more, we must strengthen collaboration, maintain integrity, and adopt strategic thinking in all recovery activities. This session is not only for engagement but also to exchange ideas, gather feedback, and develop practical solutions together.”
Supporting Lamidi’s message, Gbenga Alade highlighted the indispensable role of AMPs in AMCON’s recovery structure. He pointed out that with fewer than 500 staff and only two offices in Lagos and Abuja, AMCON alone cannot handle more than 12,000 debt accounts. “Your contribution to the Corporation’s efforts is vital. The magnitude of what we are dealing with requires a united and vigorous recovery campaign, particularly given AMCON’s limited operational window and growing resistance from defaulting debtors,” Alade said.
He acknowledged the challenges tied to debt recovery but praised the AMPs for their resilience and achievements so far. He added that feedback from earlier AMP collaborations contributed significantly to major judicial reforms, including the introduction of the Federal High Court (AMCON) Proceedings Rules, 2024, and the creation of a dedicated Insolvency Unit at the Federal High Court. Launched in March 2025, the Unit follows global insolvency standards and is meant to speed up legal processes linked to AMCON cases.
“The Unit enforces insolvency-related provisions under the AMCON Act and CAMA 2020, covering procedures like Company Voluntary Arrangements, Administration, Receivership, Winding-Up, and restructuring,” Alade explained. “It serves as a centralized platform for uniform enforcement and efficient legal resolution in insolvency and debt matters.”
To expand the Unit’s effectiveness, AMCON is coordinating with the Chief Judge of the Federal High Court to establish similar structures in Lagos, Port Harcourt, Enugu, Kano, and Kaduna. These reforms—along with the Fast Track Practice Directions, 2021, approved by the Court of Appeal President, and the Supreme Court Rules, 2024—aim to reinforce AMCON’s legal authority and speed up judicial outcomes.
Launched in 2016, the AMPs initiative was designed to tap into private sector capabilities to resolve debts both above and below N100 million. AMCON ultimately aims to establish a new sub-sector within the financial industry focused on debt resolution and recovery, with the potential to create jobs and spur economic activity. AMPs are responsible for locating debtors, identifying both pledged and unpledged assets, optimizing the value of Eligible Bank Assets (EBAs), and negotiating debt settlements in line with AMCON procedures. They are also empowered under AMCON’s legal framework to take firm action in recovery efforts.
Source : https://businessday.ng/
