More than N681.5 billion ($2.2 billion) has been recovered from debtors by the Asset Management Corporation of Nigeria (AMCON) in the last six years, according to the Corporation's Managing Director, Ahmed Kuru (photo). This was recovered in form of cash, properties and shares.

Speaking with Judges of the Federal High Court on Tuesday, Kuru explained that the Corporation has around N1.7 trillion ($5.6 billion) worth of assets under litigation throughout Nigeria. “This underscores the need for an effective resolution mechanism through the courts», he said.

AMCON was established in 2010 to resolve non-performing loans in the banking sector in exchange for government bonds. It was set up after the Central Bank rescued nine lenders from collapse in 2009. The institution has the power to ensure that uncooperative debtors do not turn to legal technicalities to slow down the legal process.

Let’s recall that in February, AMCON assumed control of Arik Air’s operations in a bid to rescue the airline, which was declared bankrupt due to its inability to pay workers. Also, last week, it sold state-owned Keystone Bank to a consortium of local investors.

Anita Fatunji