The Asset Management Corporation of Nigeria (AMCON) has said it recovered N1.48 trillion out of the N4.158 trillion owed by debtors.
AMCON Managing Director, Ahmed Kuru, who announced this during the 2021 retreat of the senate committee on banking insurance and other financial institutions in Kaduna on Monday, said the agency still has 7,902 outstanding obligors with a total outstanding loan of above N3.1 trillion.
Accord to him, 350 obligors alone account for over N2.053 trillion which is more than 70 percent of the total outstanding amount.
“All our action is geared towards settling our obligation with the CBN. After recovery and disposal, funds are paid directly into our CBN account,” Kuru said.
“Recovery and disposal of assets have so far contributed above N1.270 trillion towards settling our obligation.
“The economy and the banking industry are not growing at the expected rate thereby creating a huge gap in our recovery activities.
“At the recovery rate we are currently experiencing, we may not be able to cycle out even in the next five years. Additionally, the interest rate AMCON is shouldering on its bond to the CBN is making it difficult for the recovery rate to grow.
“There is no easy way to recover money, no easy way. It is always difficult for both sides. One doing a hard job and the other responding to a hard situation.
“Let us not forget that these loans have remained uncollected for minimum of 10-15 years. However, we have responsibility to collect and shall continue to pursue them within the purview of the law.”