The Asset Management Corporation of Nigeria (Amcon) has recovered about N1trn from debtors of banks since its inception in 2010.
This was revealed by revealed by the Finance Minister Zainab Ahmed in Abuja during the inauguration of the AMCON under Muiz Banire’s leadership.
According to Ahmed, the money was recovered from debtors of banks whose loans were taken over by the corporation.
“At inception, the corporation acquired over 12,000 non-performing loans worth approximately N3.7tn from 22 commercial banks; injected N22tn as financial accommodation to ten banks,” she added.
“The direct impact of that action is seen in the protection of about N3.66tn of depositors’ funds and approximately 14,000 jobs were saved.
“AMCON has been able to recover over N1tn since inception to the 2018 year end.
“AMCON’s total debt obligation to the CBN is currently in excess of N5tn. It is evident that the Federal Government cannot afford to write off this debt in the short term hence, our moral obligation to pursue obligors and recover the debts owed.”