The Asset Management Corporation of Nigeria (AMCON) has announced plans to expand its efforts in recovering assets from chronic debtors by engaging international asset tracers. This move aims to track down hidden assets abroad belonging to Nigerian debtors.
AMCON’s Managing Director and Chief Executive Officer, Gbenga Alade, revealed these plans during a media briefing on Monday in Lagos. Alade explained that while AMCON continues to track assets locally, the firm will now also pursue assets concealed overseas.
“AMCON is empowered to trace the personal assets of obligors, no matter where they are in the world, to ensure they are seized, taken to court, and sold. Some obligors are very cunning, transferring their assets far away to places where they believe they are untouchable. But we are determined to track them down,” Alade stated.
He added that AMCON’s new leadership is committed to using international asset tracers to uncover and seize these hidden assets globally. “Even if AMCON winds down, these debtors should not escape with Nigeria’s money. This is not just AMCON’s money; it is taxpayers’ money, and we cannot allow them to continue living lavishly on it,” he emphasized.
Alade clarified that AMCON’s primary objective is not to sell assets but to make them profitable. “We are an asset management company, not an asset sales firm. Our mandate is to manage these assets effectively, generate revenue, create wealth, and build a brand that benefits Nigerians. We only sell assets when a debtor has given up and requested that AMCON sell the asset to repay the debt,” he explained.
AMCON was established to resolve the non-performing loan assets of banks in Nigeria. In 2023, the corporation reported a profit of ₦108.4 billion, a significant increase from ₦34.7 billion in 2022, largely due to a substantial reduction in operating expenses.
Regarding Polaris Bank, Alade mentioned that the bank’s issues would be addressed under the new capital requirements set by the Central Bank of Nigeria (CBN). “AMCON is handling the bad loans of Polaris Bank. If AMCON cannot recover a loan, no other bank can because of the extensive powers granted to us by the AMCON Act,” he noted.
In March, the CBN introduced new capital thresholds for banks operating in the country.
Additionally, the House of Representatives Committee on Banking and Ancillary Institutions recently urged AMCON to intensify its efforts in recovering the N5 trillion debt owed by a few obligors. Committee chairman Nwachukwu Eze emphasized that recovering this debt would significantly boost government revenue and help President Bola Ahmed Tinubu’s administration deliver on its promises to Nigerians.
