The Asset Management Corporation of Nigeria (AMCON) is hoping to recover the over N200 billion bad debts owed by small debtors with the engagement of 115 debt recovery professionals across the country under the asset management partnership programme.
The small debtors, who owe N100 million and below account for about 6,000 out of total of 12,000 accounts currently in the books of AMCON, and total debts of more than N200 billion.
The Corporation began the second leg of its induction training for the asset management partners in Abuja yesterday, saying they will take over the tasks formerly performed by Debt Recovery Agents (DRAs) but this time not as agents but as direct partners. The first leg took place in Lagos last week.
AMCON’s managing director/chief executive officer, Mr Ahmed Kuru, while speaking yesterday, charged the AMPs to be truly professional and approach their assignment in a manner that will ensure that effective result is achieved.
“You must understand the goal of the corporation, ensure that resources are aligned toward those goals, and reduce cross-functional inefficiencies. More importantly, confidentiality mixed with professionalism is non-negotiable! Only when this is achieved that all parties can benefit optimally from the different compensation package. Please be assured that performance measurements will be done transparently and periodically. The performance matrix will apply to all AMPs and will be directly linked with rewards and exits,” Kuru stated.
Kuru also charged them on strict adherence to the AMCON’s policy and corporate governance, saying these were non-negotiable in the engagement. “We must all strive to do what is right, what is just and what is fair in discharging our duties as AMPs. We must never entertain actions that can bring the name of AMCON, the AMP programme and our individual organisations and persons into shame and unwarranted litigations. Let us at all times endeavour to keep and maintain the laid out standards,” he said.
The AMPs would among other things work with AMCON in tracing, identification and location of obligors with the intent to resolve their outstanding indebtedness. They would also be involved in tracing, identification and location of assets of obligors (both pledged and unpledged) to enhance the Eligible Bank Assets (EBAs) value and achieve set recovery objectives, negotiation of settlement and restructuring terms with identified obligors in line with approved guidelines.
