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The Asset Management Corporation of Nigeria (AMCON) has revealed its ongoing process towards the recovery of N5 trillion debt from about 3,000 debtors across the country.

It further disclosed that the matters are currently being litigated at various courts to further aid the recovery process.

This was contained in a statement issued on Sunday titled ‘Recovery for N5tn debt burden, AMP scheme pivotal – AMCON CEO’ and signed by the Managing Director, Ahmed Kuru.

This was after a two-day training for Asset Management Partners of AMCON in Lagos.

“The AMPs scheme of the government agency currently has about 6,000 Eligible Bank Assets at different stages of resolution and about 3,000 matters at various courts in the country,” the corporation said.

AMCON said through the AMPs, it was essential that each of the cases were properly captured as they progressed in the courts.

Kuru also revealed that five years after AMCON launched the AMP scheme, the initiative had been a major tool in the recovery efforts of the corporation and key to its success.

The statement recalled that AMCON was making efforts to recover over N5tn from obligors that had remained unwilling to repay their debt.

It said of this figure, the government agency had informed Nigerians that only 350 obligors alone accounted for N3.6tn, which was over 82 per cent of the outstanding exposure.

Court dismisses Jimoh Ibrahim’s bid to reclaim assets seized by AMCON

February 17, 2021 No Comments

Justice Rilwan Aikawa of the Federal High Court, Lagos, on Tuesday, dismissed the billionaire businessman, Jimoh Ibrahim’s bid reclaim his properties seized by the Asset Management Corporation of Nigeria (AMCON) over an alleged N69.4billion indebtedness.

AMCON had in November last year secured an interim order to seize at least 12 properties from Ibrahim and his firms, Nicon Investment Limited and Global Fleet Oil and Gas Limited, in a bid to recover the debt.

The businessman and his companies later approached the court to set aside the earlier order on the seizure of the assets.

In his ruling on the application, Justice Aikawa upheld AMCON’s argument that it made full and substantial disclosure of all material facts when it secured the orders on November 4, 2020.

The judge said: “I have carefully studied the respective applications and arguments for or against parties. I agree totally with the counsel for the claimant Kemi Pinheiro (SAN) that this suit is sui generis as Section 49(1)(2) of the AMCON Act says that the order made on the 4th of November, 2020, can be made ex-parte on mere suspicion that the rest is about to be dissipated.

“In my opinion, we have a unique situation here. The application that led to the ex-parte order made on the 4th of November 2020 was brought pursuant to the provisions of AMCON Act which defines this as a Federal High Court.

I do not think that based on the above reasons, that this application has made a case out for the order of this court to be vacated. The appropriate order to be made in this circumstance is to dismiss same and, accordingly, this application is hereby dismissed.”