About N3 was repaid by the government-owned asset management corporation of Nigeria (AMCON), which was established in 2010 to stabilize and resurrect the country’s financial system. Since its founding, the Central Bank of Nigeria (CBN) has received $6 trillion.
At a media conference in Lagos, Gbenga Alade, the corporation’s managing director and CEO, made the disclosure.
Despite having paid N1, Alade claimed that. It has been able to repay about N3 with $7 trillion to buy bank toxic assets. owing about N3 trillion in debt to date, with $6 trillion.
He claimed that AMCON had done so by reorganizing the banks by removing toxic assets from their books and introducing fresh funds in accordance with corporate restructuring principles.
According to him, banks depositors keep their deposits because they believe in the financial system, which guarantees banks’ ability to fulfill their obligations. AMCON then manages the Eligible Bank Assets (EBAs) that have already been acquired in order to put them at risk.
The CEO noted that the law establishing AMCON upsets and reverses the hierarchy of securities and contractual rights by giving AMCON priority over bank debtors in disputes involving collateral and contracts.
Also read: A 60bn lawsuit is brought against former AMCON boss Ahmed Kuru in court.
Additionally, Blade added that, as part of our recovery plan, we have engaged some foreign asset tracers to help us discover the locations where some of these obligors have hid their assets from all over the world. ”
He described the corporation’s financial performance since he became the helmsman, stating that it had received 156 total revenues. total operating costs of N29 billion and 25 billion. Despite claiming a 19% overall operating revenue/revenue ratio, the company generated $ 04 billion.
According to Alade, N215 will be the projected total revenue for 2025. N29 billion will be expected to be the total operating expenses, compared to N15 billion. The expected total operating/revenue ratio is around 13 and the expected total is 06 billion. 5% .
It is crucial to point out that the business has performed exceptionally well, especially in comparison to other well-known government-owned asset management companies worldwide.
Despite the unique difficulties that come with recovering debt in Nigeria, AMCON outperformed other asset management corporations around the world by recording over 87% in recoveries.
The Malaysian Danaharta, which is regarded as one of the best-performing asset management companies, only managed to achieve 58%. Despite its stricter regulations, the Chinese Asset Management Corporation only managed to achieve 33%. With about 100%, only the Korean Asset Management Corporation (KAMCO) in South Korea has recovered more than AMCON. They pursued the obligors with brute force, which contributed to this.
Despite KAMCO’s recovery records, the organization is still in operation with only minor changes to its scope. China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany are some of the well-known asset management corporations that have changed into perpetual institutions among the various governments. So AMCON has done well, ladies, and we won’t relinquish until all outstanding debts are paid off, according to Alade, without coming off as immodest.
He claimed that the corporation’s current EXCO has engaged seasoned consultants to conduct a thorough audit of all AMCON cases heard before us at the Federal High Court (FHC), which is our Supreme Court of First Instance, Court of Appeal, and Supreme Court.
He claimed that AMCON is deeply affected by the leadership of the judiciary at the three levels of courts and that it is fully aware of the difficulties that the obligors face.
In consequence, all courts have approved AMCON’s debt recovery New Practice Direction. In an effort to speed up the adjudication of all AMCON cases that are pending in various courts, the FHC has also established the Insolvency Units.
The CEO also noted that President Bola Ahmed Tinubu-GCFR, the judiciary, the Central Bank of Nigeria, the Federal Ministry of Finance, the Attorney General of the Federation, the minister of justice, AMCON’s board of directors, the police, the ICPC, the media, and a number of other sister government organizations have all vehemently supported the organization’s recovery efforts.
He declared that the company would carry out its recovery mission with complete adherence to the rule of law, love for the country, and fear of God. Let me also warn you that the majority of the debtors would want to slander the public as we are closing the noose through the courts on the obligors and using our strategies.
“Please take note that the majority of them took out the loans without even trying to pay it back. So I ask that regardless of the skewed narration they offer in the newsrooms, kindly take it all seriously and approach us because we have reliable records, as evidenced by the landmark cases we have won against many of the negligibles.
Source: Channels TV
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