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We Changed Our Recovery Tactics Due To Challenging Economy – Amcon

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SAN FRANCISCO, August 17, (THEWILL) – The Asset Management Corporation of Nigeria (AMCON), has revealed that Nigeria's economic challenges has made the corporation adjust its recovery tactics.

This was disclosed by Ahmed Kuru, Managing Director, AMCON, adding that the fresh tactics have led to a barrage of sponsored media attacks that are intended to distract the corporation from its increased tempo of debt recovery.

Kuru said there was nothing wrong with the way AMCON is going after the debtors because the corporation is guided by certain rules and regulations that mandates it resolve all obligations within the ambit of the law.

He also denied allegations that AMCON was being influenced by Abba Kyari, the Chief of Staff (CoS) to President Muhammadu Buhari.

“AMCON needed to change its recovery tactics because the current economic challenges actually impede the ability of the Corporation to recover the debts,” he said.

“Our attention has been drawn to a story in an online publication purporting that the Asset Management Corporation of Nigeria (AMCON) is being influenced to make business decisions by the Presidency.

“The said letter, which the story brandished, is routine correspondence between the office of Chief of Staff to the President and relevant Ministries, Departments and Agencies (MDAs) of government including AMCON to seek clarifications and enable briefings to Mr. President on issues considered as having strategic national importance.

“There is nothing in the contents of all our correspondences to suggest an influence on AMCON in its business decisions or translate to prospecting business on behalf of any individual, group or organisation as the earlier correspondence on the subject matter clearly required AMCON to exercise due care in the overall interest of the Federal Republic of Nigeria.”

He noted that one of the major challenges experienced in the recovery drive is the fact that most of the debtor companies were already moribund at the time the corporation took over the debts from the banks.

Kuru emphasised the fact that AMCON does not pursue personal vendetta against any debtor but is guided by its statutory mandate of recovering the debts and called for the continued support of the press towards enlightening the general public of its core mandate and role in the Nigerian economy.

Story by David Oputah