In a decisive move to recover nearly N5 trillion in outstanding debts, the Asset Management Corporation of Nigeria (AMCON) has unveiled plans to engage international asset tracers.
This initiative aims to locate and recover assets hidden by uncooperative debtors offshore, including those concealed under Special Purpose Vehicles (SPVs).
The strategy was disclosed by AMCON’s Managing Director/Chief Executive Officer, Gbenga Alade, during a meeting with senior media members in Lagos. “AMCON is empowered to trace personal assets of obligors, wherever they are in the world, so we can take them, go to court, and sell them,” Alade stated, emphasizing the corporation’s commitment to global asset tracing.
Alade pointed out that some debtors have transferred their assets beyond local reach, complicating the recovery process. “There is a renewed vigour by the new executives of AMCON to use international asset tracers,” he noted, stressing that this initiative is essential to bring hidden assets to light.
Highlighting the broader implications, Alade underscored that the funds at stake are not just AMCON’s but belong to the Nigerian public. “This money is not AMCON’s money. This is Nigerians’ money. It is your money, it is my money, it is taxpayers’ money, and we cannot let them just go away with it,” he asserted.
Alade also clarified AMCON’s role as an asset management company rather than merely an asset sales entity. “We are to manage all these assets to make them efficient, to create revenue, to create a brand, and to create wealth for Nigerians,” he explained.
He added that the corporation’s focus is on managing assets to generate revenue and employment, with asset sales limited to those surrendered voluntarily by debtors.
Since the new management took over about five months ago, AMCON has successfully recovered approximately N100 billion from high-profile debtors.
Alade emphasized the strong support received from President Bola Ahmed Tinubu, the Central Bank Governor, the Federal Ministry of Finance, the Attorney General of the Federation, and the National Assembly in their debt recovery efforts.
Furthermore, Alade revealed that the chairman of the House Committee on Finance has pledged to “name and shame” obligors who have yet to repay their debts at a major stakeholders’ conference before the year’s end.
He also mentioned plans to organize a conference involving senior officials from the Central Bank of Nigeria (CBN), relevant ministries, banks, and the judiciary to address the challenges posed by non-performing loans in the country.
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The new management has identified four key sectors to focus on: oil and gas, power, telecommunications, and aviation.
Alade expressed confidence that resolving issues in these sectors would boost production, generate foreign exchange, and create employment opportunities.
He highlighted significant progress in the oil and gas and power sectors, including a memorandum of understanding signed for an abandoned power project in Kaduna, with operations expected to commence within six months.
In the telecommunications sector, AMCON is working to revive dormant assets, while in aviation, efforts are underway to address issues involving two airlines. The goal is to increase Arik Airline’s fleet from three to eight aircraft by March 2025, potentially reducing airfares in the local aviation industry.
AMCON remains committed to its mandate of resolving non-performing loans and stabilizing the Nigerian financial system.
