October 26, 2021

TrustTV

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AMCON’s partners reconsider recovery strategy

The Asset Management Partners (AMPs) scheme of the Asset Management Corporation of Nigeria (AMCON) may have resolved to change their recovery strategy by making use of AMCON’s special powers as contained in the AMCON Act 2019 as amended, which has been signed into law by President Muhammadu Buhari.

This came to the fore at a two-day training, which was organised by Legal Academy led by Dr. Fatihu A. Abba as Director-General in conjunction with AMCON, themed: “The Utility of the Federal High Court Proceedings Rules and Complementary Strategies as Critical Tools in AMCON Debt Recovery by AMPs.”

The training was organised to enlighten the AMPs on other powers and provisions that are available to them as they partner AMCON to recover the huge debt of over N5 trillion from obligors.

The AMPs scheme, which AMCON introduced five years ago when the current Managing Director/Chief Executive Officer of AMCON Mr Ahmed Kuru assumed office, currently has about 6,000 Eligible Bank Assets (EBAs) at different stages of resolution and about 3,000 matters at various courts in the country.

A partner at Olaniwun Ajayi LP and of the facilitators, Mr Muyiwa Balogun, said the training deals with the issues of bankruptcy and winding up, interlocutory freezing orders, power to trace and track, custody possession of debtor’s company, vesting legal title, fast tracking AMCON cases and preservatory relief /leave.