The Managing Director of the Assets Management Corporation of Nigeria, Ahmed Kuru, on Monday disclosed that so far, the corporation had recovered about N1.48tn out of N4.158tn owed by bank debtors.

He stated that due to debt recovery challenges the corporation was facing, it still had 7,902 outstanding obligors with total outstanding loan of above N3.1tn, adding that 350 obligors alone accounted for over N2.05tn, which constitutes more than 70 per cent of total outstanding amount.

According to a statement issued by AMCON, Kuru disclosed these in Kaduna at the 2021 retreat of the Senate Committee on Banking Insurance and other Financial Institutions with the management of AMCON.

The statement was tilted ‘Amcon Debt: Senate pushing for additional cooperation from CBN, NDIC.”

It read partly, “The Managing Director/CEO of AMCON Mr Ahmed Kuru, told the committee that AMCON was strongly battling with its debt recovery activities.

He said it was very difficult, particularly given AMCON’s peculiar situation. He said out of total of N4.16tn, the corporation had so far recovered over N1.48tn.

Kuru disclosed that AMCON still had 7,902 outstanding obligors with total outstanding loan of above N3.1tn.

“According to him, 350 obligors alone account for over N2.05tn, which more than 70 per cent of total outstanding amount.

He said despite the efforts of the corporation, the economy and the banking sector were not growing at the expected rate, creating a huge gap in its recovery operations.

“All our action is geared towards settling our obligation with the CBN. After recovery and disposal, funds are paid directly into our CBN account.

“Recovery and disposal of assets have so far contributed above N1.27tn towards settling our obligation. The economy and the banking industry are not growing at the expected rate thereby creating a huge gap in our recovery activities.

“At the recovery rate we are currently experiencing; we may not be able to cycle out even in the next five years. Additionally, the interest rate AMCON is shouldering on its bond to the CBN is making it difficult for the recovery rate to grow,” he added.

He, however, reaffirmed the commitment of the corporation to its mandate of loan and assets recovery, regardless of the difficulties encountered.