The Asset Management Corporation of Nigeria (AMCON) has announced plans to engage international asset tracers to track the assets of chronic debtors, both locally and abroad.
This move is part of the corporation’s renewed efforts to recover debts owed to it.
Speaking during an interactive session with media executives in Lagos on Monday, AMCON’s Managing Director/Chief Executive Officer, Gbenga Alade, revealed that the corporation will collaborate with international debt tracers to locate hidden assets overseas.
Alade emphasized that AMCON is empowered to trace and recover personal assets of debtors worldwide, adding that some debtors have transferred assets far away to avoid detection. He expressed determination to ensure that debtors do not escape with Nigerian taxpayers’ money.
He said, “AMCON is empowered to trace personal assets of obligors, and wherever they are in the world, so we can take them, to go to court and sell them. Some of these obligors are very smart. Some of these assets have been transferred so far away that you can’t even touch them. That is what is happening.
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“There is a renewed vigour by the new executives of AMCON to use international asset tracers. That is one of the things we are doing because we trace assets locally but now we are taking it globally. Coming into a relationship with a good asset tracer that will help us chase the assets of all these people, anywhere they are in the world and no matter the kind of veil that they have added, they will come out.
“We are determined to make a success of this. Even if AMCON is going to wind down, these people should not go away with Nigeria’s money. This money is not AMCON’s money. This is Nigerians’ money. It is your money, it is my money, it is taxpayers’ money, and we cannot let them just go away with it to continue their lifestyle.”
Contrary to popular belief, Alade clarified that AMCON is not interested in selling assets but rather in managing them to make them profitable and create revenue for Nigerians. The corporation will only sell assets surrendered by debtors who have given up on repaying their debts.
AMCON’s primary goal is to manage assets efficiently, generate revenue, create employment, and build wealth for Nigerians. The corporation is committed to making a success of its debt recovery efforts, even as it prepares to wind down its operations.
“AMCON, by its mandate, is an asset management company, not asset sale. We are to manage all these assets to make them efficient, to make them make money, to create revenue, to create a brand, and to create wealth for Nigerians.
“And that is what AMCON stands for and that is exactly what we have started doing. We are not interested in selling. It is only assets that the debtor said, ‘Look, AMCON, I cannot pay. I’ve given up. Take this, my asset, sell it, and you can use the money to repay my debt.’ Those are the only assets that AMCON is selling.
“So, AMCON does not sell assets that have the capacity to generate revenue or create employment for Nigerians. We will not sell those, we will manage them and make sure that investments are made into those assets,” Alade clarified.
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