The Asset Management Corporation of Nigeria (AMCON) was established on July 19, 2010, when President Goodluck Ebele Jonathan signed the AMCON Act into Law. The Corporation was created to be a key stabilizing and re-vitalizing tool to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.
AMCON is a sui generis statutory corporation with narrow and specialised statutory functions. The primary purpose of the establishment of AMCON is the procurement and management of Eligible Bank Assets (EBAs) and Eligible Equities (EEs). AMCON’s notable achievements are: acquisition of Non-Performing Loans (NPL) from banks AMCON acquired over 12,000 NPL worth N3.6 trillion from 22 banks; recapitalisation of banks - AMCON injected equity directly in the intervened banks that had negative shareholders’ funds and stabilisation of the financial industry - about N4.7 trillion of depositors’ funds and interbank takings were protected and circa 14,000 jobs were saved as a result of its intervention in the banking sector.
At the heart of AMCON’s statutory mandate are the recovery of Non-Performing Loans (NPL) and the enforcement and realisation of collateral. Therefore, AMCON is imbued with the powers under the AMCON Act, to, inter alia, realise any security that an EFI could have realised and in turn, enforce any rights or interest on an asset in relation to the EBAs acquired pursuant to the AMCON Act.
It is in recognition of the giant strides being recorded by the Asset Management Corporation of Nigeria (AMCON) that Murya Magazine sought and secure an exclusive interview session with Mr Ahmed Lawan Kuru the Managing Director/CEO of the Corporation to capture his thoughts on a number of issues relating to what the organisation exists for and its contribution to the stabilisation of the Nigerian economy.
The session was quite revealing and educative. We promise our esteem readers that there would be no dull moment every step of the way. The Corporation is no doubt making the administration of President Mohammadu Buhari proud and as things are they are set to take the Nigerian economy a notch higher.
We also brought you several packages of our regulars and the information contained is as enlightening as ever. While you are at it ensure you reach out to us via any channel of your choice. We want to hear from you!