By Abiodun JIMOH
The Asset Management Corporation of Nigeria (AMCON) says it is ramping up efforts to recover more than N4.6 trillion in outstanding debts with renewed collaboration from its Asset Management Partners (AMPs), nearly a decade after the scheme was launched to tackle Nigeria’s non-performing loan crisis.
Speaking during an interactive session with AMPs in Abuja—the first under the new management—AMCON’s Executive Director in charge of Resolution, Mr. Adeshola Lamidi, said the Corporation is recalibrating its debt recovery strategy to deliver results faster and more efficiently.
“This is a new dawn in AMCON. We are adopting more proactive and practical approaches, and we need the AMPs to deepen collaboration with us to make this work,” Lamidi said, stressing the need to uphold ethical standards and strategic thinking.
The AMPs, appointed in 2016, help trace, identify, and negotiate with debtors across two major categories: those owing below N100 million, and those above. Their mandate also includes locating pledged and unpledged assets and negotiating recovery terms.
Managing Director/CEO Mr. Gbenga Alade urged AMPs to become more aggressive, noting AMCON’s limited workforce and looming sunset date. “We’re dealing with over 12,000 loan portfolios. Our staff strength is under 500. This partnership is critical,” he said.
He commended the AMPs for feedback that led to the creation of a new Insolvency Unit at the Federal High Court in March 2025. The Unit, backed by the AMCON Rules 2024 and supported by the Companies and Allied Matters Act (CAMA) 2020, will speed up resolution of insolvency and debt recovery matters.
“The Insolvency Unit now exists in Abuja, with plans to expand to Lagos, Port Harcourt, Enugu, Kano, and Kaduna,” Alade said, adding that Fast Track Practice Directions by the Court of Appeal and Supreme Court Rules 2024 will also aid quicker recovery outcomes.
According to AMCON, the Corporation has made progress since its establishment in 2010, stabilizing the banking sector and collecting part of the loans acquired from troubled banks. However, the outstanding debt remains massive.
The Abuja event, themed “AMCON Debt Recovery in Renewed Hope Paradigm,” also featured presentations on the agency’s special powers, legal strategies, and the role of institutions like the Economic and Financial Crimes Commission (EFCC) in aiding asset tracing and debt enforcement.
The Corporation expressed optimism that the re-energized collaboration with AMPs would not only accelerate recoveries but also stimulate new jobs and deepen reforms in Nigeria’s financial sector.
