The Asset Management Corporation of Nigeria (AMCON) on Wednesday said it has so far recovered over N1.8 trillion.
A statement by its spokesperson, Jude Nwauzor, said the figures were made public by the Managing Director/Chief Executive Officer, Ahmed Kuru, during an interactive session with members of the 10th Senate Committee on Banking, Insurance, and Other Financial Institutions at the National Assembly complex.
While speaking to the committee chaired by Mukhail Abiru, Mr Kuru highlighted the challenges faced by AMCON as a “bad bank” and underscored its resilience as a profit-making organisation.
He said despite challenges beyond its control, AMCON has consistently delivered on its recovery mandate since its inception.
“AMCON made a profit of N23.97 billion in 2020, which increased to N34.65 billion in 2021. In the year 2022, the corporation made N58.59 billion profit,” he said.
He attributed the recent loss captured in the management account as of 30 September to interest accrual on the CBN loan note charged as an expense.
However, a substantial receipt from external recoveries, estimated at N359 billion, is anticipated to be recognised in the December financial statement, projecting AMCON to close with over N70 billion in profits for 2023.
The AMCON Act, enacted in 2010, has undergone three amendments to empower the corporation in debt recovery.
Mr Kuru said the corporation’s pivotal role in addressing the fallout of the CBN’s special examination of 24 banks is evident in its purchase of 12,743 Non-Performing Loans or Eligible Bank Assets valued at N3.797 trillion from 22 Eligible Financial Institutions. (Premium Times)
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