In a move to reinvigorate Nigeria’s debt recovery efforts, the Asset Management Corporation of Nigeria (AMCON) has unveiled a renewed strategic direction under its new leadership, targeting over N4.6 trillion owed by recalcitrant debtors. At the heart of this revitalised approach is a deeper collaboration with Asset Management Partners (AMPs)—a nationwide network of professionals entrusted with tracking, negotiating, and recovering toxic bank debts acquired by AMCON.
At an inaugural interactive session held in Abuja over the weekend, AMCON’s Executive Director of Resolution, Mr. Adeshola Lamidi, reaffirmed the corporation’s commitment to partnering more closely with AMPs. “This is a new dawn for AMCON. We are embracing more proactive and practical approaches to debt recovery. Our collaboration with AMPs will not only be sustained—it will be elevated,” he announced.
Lamidi emphasised that while AMCON has made significant progress since its inception in 2010—stabilising the financial system and acquiring non-performing loans from banks—there is still substantial ground to cover. “Our success now hinges greatly on the dedication and professionalism of our AMPs. This interactive platform is not just to deepen engagement, but to jointly explore innovative strategies and strengthen our national assignment.”
Mr. Gbenga Alade, the newly appointed Managing Director/CEO of AMCON, echoed Lamidi’s sentiments in his keynote address. He highlighted the critical role AMPs play in light of AMCON’s lean workforce and vast loan portfolio. “With just under 500 personnel managing over 12,000 loan portfolios, the role of AMPs has never been more vital. We need your agility, your reach, and your commitment now more than ever.”
Alade also pointed to the importance of institutional reforms aimed at easing the debt recovery process. These include the establishment of the Insolvency Unit of the Federal High Court—an initiative informed by feedback from AMPs—and the adoption of the Federal High Court (AMCON Proceedings) Rules, 2024, both of which are designed to fast-track judicial proceedings in AMCON-related matters. Plans are also underway to expand the Insolvency Unit to key judicial divisions across Lagos, Port Harcourt, Enugu, Kano, and Kaduna.
In further support, the Court of Appeal has adopted Fast Track Practice Directions, 2021, while the Supreme Court Rules, 2024, also now include provisions for expedited resolution of debt recovery matters, ensuring AMCON’s legal arsenal is fully equipped for the road ahead.
The AMCON-AMPs engagement, themed “AMCON Debt Recovery in Renewed Hope Paradigm”, featured expert-led presentations on AMCON’s special powers, federal court procedures, the role of the EFCC in debt enforcement, asset tracing techniques, and effective case management. These sessions served to arm the AMPs with practical knowledge and tools needed to maximize recovery impact.
Established in 2016, the AMP scheme was AMCON’s response to the enormous challenge of managing a wide portfolio of distressed debts. Through the scheme, select firms assist AMCON in tracing, identifying, and resolving obligations—covering debts both above and below the N100 million threshold. These partners are empowered to negotiate settlements, initiate restructuring, and take advantage of AMCON’s special powers under its enabling Act.
