Home » FINANCING » AMCON Disengages Receiver Managers Over N5 Trillion Debt

AMCON Disengages Receiver Managers Over N5 Trillion Debt

by Musa Ibrahim………..

The Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria, (AMCON) Ahmed Kuru, has said that some of its receiver managers has been disengaged due to non-performance as it sets strategy to recover N5 trillion debts.
The corporation is worried that if efforts are not intesified to recover these huge debt over a period of time, the debt burden would automatically become the debt of the Federal Government and taxpayers’ monies would be used to settle it in the long run.

Kuru said this in a statement on Sunday, titled ‘N5tn recovery possible if AMCON unleash full powers – legal experts’. Kuru spoke at the first seminar for AMCON receivers/receiver managers in general enforcement in Abuja.

Kuru, who was represented by the Group Head, Resolution Strategy, AMCON, Mr Aliyu Kalgo, said, “We reiterate our receivers are very key to the success of AMCON.

“In order to streamline the functions of our receivers and make them more effective and accountable, we have developed a new receivership framework, which will henceforth govern our relationship in terms of management of the assets and accountability” he said
As part of the corporation’s efforts to recover the outstanding N5tn debt, he said it also disengaged some of its receivers for non-performance.
“We did that because assets are being abandoned without cause or plan to come out of the debt. And at times, receiver managers are confused about their responsibilities” Kuru said.

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