In a renewed push to recover over ₦4.6 trillion in outstanding debts, the Asset Management Corporation of Nigeria (AMCON) has unveiled fresh strategies to intensify recovery efforts, focusing on deeper collaboration with its Asset Management Partners (AMPs).
The new initiative was introduced over the weekend during an interactive forum in Abuja with AMCON’s new executive leadership, led by Managing Director/CEO Gbenga Alade, under the theme “AMCON Debt Recovery in Renewed Hope Paradigm.”
A Shift to Practical, Aggressive Recovery
Addressing the forum, Adeshola Lamidi, Executive Director in charge of Resolution, said AMCON is adopting more practical and proactive methods to overcome the persistent challenge of chronic debtors. He stressed that scaling up AMCON’s engagement with AMPs is central to this renewed strategy.
“This platform is not just to assess our progress, but to shape more effective recovery paths,” Lamidi noted. “Your innovation, dedication, and strategic thinking are critical to our success.”
He reaffirmed AMCON’s twofold mandate:
- Stabilise Nigeria’s financial system through acquisition of non-performing loans.
- Recover those loans to restore asset value.
AMPs: The Backbone of AMCON’s Recovery Drive
In his first formal address to the AMPs, Gbenga Alade reinforced the indispensable role these private partners play in the Corporation’s strategy. He cited AMCON’s limitations fewer than 500 staff members and only two operational offices in Lagos and Abuja as a major reason for outsourcing recovery responsibilities.
“You must not underestimate your importance,” Alade said. “With over 12,000 debt portfolios, our success hinges on your capacity to deliver aggressive, results-driven recoveries, particularly as AMCON’s statutory lifespan narrows and debtors grow increasingly resistant.”
He acknowledged the complex nature of recovery operations and commended the AMPs for their performance, highlighting how their feedback contributed to key judicial reforms.
Judicial Reforms to Fast-Track Recovery
One of the standout reforms is the establishment of a dedicated Insolvency Unit at the Federal High Court in March 2025, aligned with the AMCON Act and the Companies and Allied Matters Act (CAMA), 2020. This unit will accelerate resolution of cases involving:
- Company Voluntary Arrangements
- Receivership and Administration
- Restructuring and Winding-Up
AMCON is also collaborating with the Chief Judge of the Federal High Court to expand this unit to strategic jurisdictions Lagos, Port Harcourt, Enugu, Kano, and Kaduna in addition to leveraging Fast Track Practice Directions (2021) and Supreme Court Rules (2024) to strengthen its enforcement capabilities.
AMPs Empowered for Decisive Action
Established in 2016, the AMPs initiative leverages the expertise of private firms to recover debts above and below ₦100 million. The partners are empowered to:
- Locate debtors
- Identify pledged/unpledged assets
- Negotiate settlements
- Enhance the value of Eligible Bank Assets (EBAs)
- Act under AMCON’s legal framework for enforcement
Alade noted that this collaboration not only boosts AMCON’s capacity but also helps create a new financial sub-sector focused on debt recovery offering potential for employment and long-term economic value.
“We are focused on enforcement, standardisation, and expedited legal processes,” Alade added. “These reforms and strategic partnerships will allow AMCON to fulfill its mandate more efficiently and within time.”
