The Asset Management Corporation of Nigeria, AMCON has revealed that it recovered the sum of N134bn from various debtors in the 2016 financial year.
AMCON’s Managing Director/Chief Executive Officer, Ahmed Kuru, stated this in Lagos on Friday at press briefing to explain the agency’s performance for last year.
However, Kuru said the corporation had an outstanding obligation of N5.7tn to pay to the Central Bank of Nigeria.
While giving a breakdown of the recoveries, he said N86.9bn was from cash collections, while N30.64bn was realised from forfeiture of assets by AMCON debtors.
A further N7.9bn was realised from sale of properties of debtors, while N8.7bn came in from the sale of shares.
He added that loan recovery could have been higher in 2016 but for the recession that hit the country and other challenges in the economy, which had seriously affected businesses.
Kuru also listed other obstacles to loan recovery to include the refusal of some obligors to pay back, numerous court cases that take many years to resolve, and difficulties in disposing seized assets.