AMCON Recovers N307 billion From Gov’t Debtors, To Blacklist Firms

Asset Management Corporation of Nigeria (AMCON) recovered N307 billion from debtors between 2020 and 2021, increasing its recovery rate by 10 per cent growth across various asset classes.

According to the inter-agency committee set up on the recovery of debts owed to AMCON, the sum of N146 billion was recovered in 2020, and N161 billion was recorded in 2021.

In a report by the inter-agency committee, led by its Chairman, Prof. Bolaji Owasonoye, SAN, “between 2020 and 2021, AMCON made significant recoveries which is highlighted in the report. 

“Within the period under review, AMCON witnessed 10 per cent growth in the recovery performance across various asset classes,” the group said in the report submitted to Vice President, Yemi Osinbajo. 

The group added that “For instance, in the year, 2020, the sum of N146 billion was recovered, while in 2021 the sum of N161 billion was also recovered. 

“The recovery outlook for 2022 is also looking positive and the Committee will not relent in its effort in engendering more recoveries.” The committee’s report reads. 

Also, in a bid to curb the rise in the list of government’s debtors, the inter-agency committee, created in 2019, requested that the debtors be blacklisted. 

This will prevent chronic debtors from accessing government contracts and projects. Owasonoye, who is also the Chairman of the Independent Corrupt Practices Commission, said the debtors should not be allowed to transact business with the government. 

“all AMCON debtors must not be allowed to transact business or enjoy patronage with any government agency whatsoever, except clearance is obtained from AMCON on the debt status of such obligors.” 

Meanwhile, AMCON recently sold Polaris Bank to Strategic Capital Investment Limited (SCIL), owned by Lawan Auwal Abdullahi, to retrieve the investment made on the lender when the government debt-recovery agency resuscitated the commercial bank. 

Polaris Bank was sold for N1.35 trillion, although the asset transfer was made with the investor still owing a balance of N1.305 trillion after making an upfront payment of N50 billion.