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Friday 5 August 2016

We Have Recovered N644 Billion - AMCON Shares Testimony

We Have Recovered N644 Billion - AMCON Shares Testimony

Ahmed Kuru

The leadership of the Asset Management Corporation of Nigeria has opened up on its current progress in this current political dispensation.

Ahmed Kuru, Managing Director (MD) of the Asset Management Corporation of Nigeria (AMCON), says the corporation has succeeded in recovering N644 billion, according to the Cable.

Kuru disclosed this at a media briefing in Lagos, stating that the financial institution is on its way to achieving its objective of protecting the economy and retrieving acquired bad debts in the Nigerian financial system.

“We have so far collected cash of about N644 billion, and we have settle 56 percent of the total N3.7 trillion has also been settled. Settled doesn’t mean money in pocket,” he said.

“Like I told you, the challenge is from within, the framework is a bit faulty. You cant say that you are taking somebody’s liability, and this person’s business has failed, totally failed in the commercial bank, and you are giving the commercial bank liquidity.”

He further disclosed that seeking court orders in retrieving debts and sealing up companies was necessitated by many years of non-compliance from its debtors.

“We always tell them that we are not quarreling with anybody. If I tell you that there is somebody who can put N10 billion on the table today, I’m lying. But I believe that there are people that can tell me how they intend to pay the 50 billion, the 100 billion, the 150 billion outstanding debts,” Kuru said.

“Some of these guys, you see the lifestyle (they live), the moment you tell them to come and pay our money, it become a problem. So we understand these things.

“They go to the press and I want to tell you that there is nothing personal. Some of them would write that they don’t owe. I cant wake up in the morning and say come and pay me N10 billion; there must be basis.

“If I believe that you are not owing me anything, and I go to court, and say court help me collect this money, there must really be something wrong with me.

“I can tell you that our recovery process is very vigorous, AMCON doesn’t wake up one fine morning and go to court. We must have given these people it for the last five to six years, but the last resort is the court; that means we must have exhausted all manner of mediation. Going to court is very expensive, and we also don’t like the bad publicity,” he added.

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