Foreign firms commissioned to track hidden assets
Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Gbenga Alade, said obligors of the Corporation damaged the Nigerian economy because they never intended to repay the loans they borrowed from various banks.
He stated this at an interactive session in Lagos on yesterday, saying: “Unfortunately for them, we were told of this trend before we assumed office. So, we are not deterred by these antics. Our appointment is a call to serve the motherland, and we will deliver that with all humility and sincerity of purpose.
“Dealing with AMCON’s recalcitrant debtors is not easy, but dealing with such debtors who are in government, holding very high positions across different decision-making portfolios in governance in the country, is one of the most challenging tasks that I have ever faced in my career.”
The AMCON boss vowed that the debtors, who he described as chronic, will continue to pay their outstanding even when the asset management company is wind down.
“AMCON, under our executive management with my humble self in the saddle, will continue to go about our recovery mandate with the fear of God, love of country and will follow the rule of law. No matter the skewed narration, these obligors come to give to you in you, kindly take it with a pinch of salt.
“If you recall, the last time we met, we told you there was a ban on asset sales. But today, with the Board is now in place, so, the sale of assets by AMCON has been lifted, and consequently, we have sold some high-profile assets running into several billions of Naira,” he said.
He said Arik Air (in Receivership) is returning to profitability while the engagements with AfreximBank are yielding positive results. Aero Contractors is also delivering “massive value” emerging as the only airline in Nigeria with an MRO – a result of effective and prudent management.
He also said that the divestment of IBEDC is almost completed and that AMCON would soon hand over the company to the preferred bidder. Alade added that even as the current leadership of AMCON has stretched the bidders to get the best and most realistic value, there are still some distractions.
In a bid to ramp up recoveries, Alade said, the company has also commissioned some foreign asset tracers who help locate where some of the obligors have hidden their assets across the globe.
The CEO said that AMCON’s recovery efforts have been strongly supported by President Bola Ahmed Tinubu, the judiciary, the Central Bank of Nigeria, the Federal Ministry of Finance and the Attorney General of the Federation as well as other law enforcement agencies.
AMCON was set up with the legal mandate to manage non-performing loans (NPLs) of banks by offloading the toxic assets from their books and injecting fresh funds, aligning with corporate insolvency restructuring principles.
With this, bank depositors retain their deposits because they have confidence in the financial system, assuring banks’ ability to honour their obligations.
