AMCON Seeks Judiciary’s Support for Speedy Debt Recovery

Nume Ekeghe

The Asset Management Corporation of Nigeria (AMCON) has called on the judiciary to expedite the resolution of cases involving its operations, citing the importance of adhering to the 60-to-90-day timeframe outlined in the AMCON Act.

According to the Managing Director and Chief Executive Officer, Mr. Gbenga Alade, timely judicial intervention is essential for recovering billions of naira in unresolved debts and fulfilling the corporation’s mandate.

Speaking at a stakeholders’ retreat in Lagos, organised in collaboration with the Senate Committee on Banking, Insurance, and Other Financial Institutions, Alade noted that AMCON is currently burdened with over 3,000 unresolved cases.

He emphasised that judicial efficiency is critical to addressing these challenges and enabling the corporation to meet its statutory goals.

He said: “We have more than 3,000 cases in various courts around the country; from the court of first instance to the Supreme Court. We have continued to deepen our interaction with the leadership of these courts.”

Alade explained that AMCON’s recovery efforts are increasingly reliant on judicial efficiency. “Our hope is that AMCON cases would be adjudicated within the time limit enshrined in the AMCON Act,” he stated, underscoring that they are not seeking anything beyond what the law stipulates. 

Chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, Senator Adetokunbo Abiru said the theme of the retreat provided an invaluable opportunity for senators to reflect on the critical role that AMCON has played in stabilizing the financial sector and to chart the path forward in view of its sunset clause.

He noted that the Corporation was established as an intervention agency to halt the drift caused by Non-Performing Loans (NPLs) in the banking industry with its adverse impact on savers and the entire economy.

“Admittedly, the setting up of AMCON has succeeded, to a large extent, in not only stabilising the banking industry given that the purchase of Eligible Banks Assets (EBA) reinjected the much-needed liquidity into the banking system, but also helped in restoring confidence in the financial sector.”