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AMCON recovered N134 billion in 2016 — MD

The Asset Management Corporation of Nigeria, AMCON, said it recovered N134 billion loans in 2016.

The Managing Director of AMCON, Ahmed Kuru made this disclosure at a news conference in Lagos on Friday.

On the corporation’s performance in 2016, Kuru said,
“In 2016, our total recovery was N134 billion. Not all of them are cash. N86.9 billion came from cash collection and some debtors that felt that they could settle some outstanding obligation through forfeiture of their assets”.

He added, “So, assets forfeiture amounted to about N30.4 billion, while N8 billion came from sale of properties.”

Kuru said AMCON improved on its performance by cutting its group losses despite the difficulties experienced in all sectors of the Nigerian economy last year.

Also at the conference, AMCON’s Chief Financial Officer Olugbenga Ataiyero, explained that that the group losses were reduced by N57 billion to N352 billion at end of December 2016 from N295 billion at end of December 2015.

“Last year we closed at N310 billion losses, this year we were able to manage it down to N251 billion losses. We had a very appreciable improvement in terms of main operation alone.

“But we had the burden of subsidiaries that we had to add to our own figures. The position from last year doing a comparison of our performance for last year, we went a little bit back.

“For 2016, we closed at N315 billion for the year while in 2015 it was N295 billion.

“So while on the part of AMCON there was an appreciable improvement in terms of our numbers, the losses came down drastically, by almost about N59 billion but for the group numbers,” Ataiyero said.

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Solomon Obende
Solomon Obende is a graduate of Public Administration from the prestigious Ambrose Alli University who is passionate about communications for development. He is proficient in crafting effective social media strategies. He listens to Jimmy Cliff's songs daily.

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