Managing director and chief executive officer of the Asset Management Corporation of Nigeria (AMCON), Gbenga Alade, has accused debtors of deliberately sabotaging the Nigerian economy by taking loans from banks with no intention of repayment.
Speaking during an interactive session with media executives in Lagos on Thursday, Alade said, “Unfortunately for them, we were told of this trend before we assumed office. So, we are not deterred by these antics. Our appointment is a call to serve the motherland, and we will deliver that with all humility and sincerity of purpose.”
He expressed frustration over the challenge of recovering debts from politically exposed persons, saying, “Dealing with AMCON’s recalcitrant debtors is not easy, but dealing with such debtors who are in government, holding very high positions across different decision-making portfolios in governance in the country, is one of the most challenging tasks that I have ever faced in my career.”
Alade said AMCON under his leadership remains committed to recovering debts lawfully, saying, “AMCON, under our Executive Management with my humble self in the saddle, will continue to go about our recovery mandate with the fear of God, love of country, and will follow the rule of law. Please, no matter the skewed narration, these obligors come to give to you in your different newsrooms; kindly take it with a pinch of salt.”
He noted that the suspension on the sale of AMCON’s assets has been lifted, leading to the sale of high-profile assets worth several billions of naira. “If you recall, the last time we met, we told you there was a ban on asset sales. But today, with the Board now in place, the sale of assets by AMCON has been lifted, and consequently, we have sold some high-profile assets running into several billions of naira,” he said.
On AMCON’s intervention in aviation, Alade said Arik Air (in receivership) is gradually becoming profitable again, while Aero Contractors is contributing significantly to the sector.
“As of today, Aero is the only airline in Nigeria with an MRO, and that can only be the result of effective and prudent management,” he stated.
He also disclosed that the divestment of Ibadan Electricity Distribution Company (IBEDC) is near completion and would soon be handed over to the preferred bidder. Although some distractions remain, Alade said the current AMCON management is focused on delivering value.
In a bid to locate more assets, Alade revealed that AMCON has commissioned foreign asset tracers to help identify properties hidden by obligors abroad.
“We have also commissioned some foreign asset tracers who will help us locate where some of these obligors have hidden their assets across the globe,” he said.
He appreciated President Bola Tinubu and various government agencies for supporting AMCON’s recovery efforts, including the Central Bank of Nigeria, the EFCC, the ICPC, the judiciary and the National Assembly.
AMCON was created to resolve the issue of non-performing loans in Nigeria’s banking sector by purchasing toxic debts from banks, thus stabilising the financial system and protecting depositors’ funds.
