The Asset Management Corporation of Nigeria said, on Thursday, it has recovered bad loans worth N731 billion as at December 2017. The corporation, which was established in 2010, says the figure is excluding of clawbacks.
AMCON says assets in form of property made up 35% of the total amount recovered in the period under review.
Managing director of the corporation, Ahmed Kuru, disclosed this while declaring open a two-day Asset Sales Strategy Retreat in Abuja.
Kuru blamed inflation and other market dynamics as reasons why it has been difficult to convert assets to cash at competitive rates.
He said that in order to facilitate the quick disposal of assets to meet repayment obligations, the corporation needs to be restructured better than it presently is, adding that there should also be better collaboration with the stakeholders.
Eberechukwu Uneze, executive director at AMCON, also spoke on the need for AMCON to collaborate with stakeholders in order to “dispose of its stockpile of assets in the regular open market”.
He said the assets cut across critical sectors of the economy that include real estate, energy, transportation and aviation, maritime, agriculture, manufacturing and many others
Image Credit: marketdigestng.com