News
Debt: AMCON, moves to tighten noose on debtors *Gives fresh charge to AMPS
As part of the renewed strategy of the executive management of the Asset Management Corporation of Nigeria (AMCON) currently led by Gbenga Alade as MD/CEO, the Corporation at the weekend during an interactive session in Abuja, said it plans to deepen its collaboration with all stakeholders especially the Asset Management Partners (AMPs) scheme, which was established in 2016.
Jude Nwuzo, spokesman of the Corporation, which captured the meeting quoted Adeshola Lamidi, Executive Director in charge of Resolution, whose directorate in AMCON manages the AMPs scheme, in his charge, as saying the new dawn in AMCON which includes proactive and practical applications to debt recovery, the Corporation has decided to take its relationship with the appointed AMPs to the next level, which he also assured would be mutually beneficial to both the AMPs and AMCON.
Welcoming the AMPs to its inaugural interactive session since the assumption of the current executive management of AMCON, he reassured them of the decision of the AMCON management to continue the partnership programme, saying: “Sessions such as this, will provide a timely and strategic opportunity for us to reflect on our journey so far, re-evaluate our recovery strategies and pave the way forward for better effectiveness, and efficiency in conducting this national assignment.
“AMCON’s mandate was at creation summarised in two folds: To stabilise the financial system (which we have done through the acquisition of non-performing loans and providing funds to the banks to avoid a systemic failure in the nation’s financial system, and the recovery of these loans.
“Whilst AMCON has performed very well over the years, there is still room for improvement. Our success depends greatly on you, our Asset Management Partners (AMPs), through your dedication, innovation and professionalism. In achieving greater success, we must deepen collaboration, uphold ethical standards, and embrace strategic thinking in our recovery efforts. This session is therefore designed not only to strengthen engagement with our partners but also to jointly explore practical solutions, share feedback, and forge better ways forward.”
Alade, who declared the event open, underscored the importance of the AMP scheme when he urged the AMPs to take the AMCON debt recovery assignment seriously.
His words: “You must not underrate your importance to the Corporation. You are indeed very critical to our success, as our workforce of less than 500 personnel with offices in Lagos and Abuja may not effectively cope with the over 12,000.00 portfolios in our inventory. Accordingly, the imperative of deepening our mutual synergy is readily apparent.
“With an inevitable Sunset date and recalcitrant debtors, a high premium is placed on debt recovery efforts to ensure that the Corporation achieves its statutory mandate. In other words, with a looming Sunset date, it is necessary that you are more aggressive in your debt recovery drive. We are not oblivious to the herculean challenges confronting you in your debt recovery strides. Certainly, debt recovery has never been easy. However, most of you have surmounted these hurdles with excellent performance to your credit.
“Your consistent feedback from previous sessions and at other fora formed the fulcrum of the Federal High Court (Asset Management Corporation of Nigeria) Proceedings Rules, 2024, and the establishment of the Insolvency Unit of the Federal High Court on Monday, March 24, 2025. In the Notice establishing the Insolvency Unit at the Federal High Court, My Lord the Hon. Chief Judge of the Federal High Court explained that it was created pursuant to the ‘relevant insolvency provisions of the AMCON Act, 2010 (as amended)’ and the Companies and Allied Matters Act (CAMA), 2020.’
“Amongst others, the functions of the Unit include the effective implementation of the provisions of the insolvency laws relating to Company Voluntary Arrangements, Administration, Receivership, Winding-Up and various forms of re-structuring. Notably, this Unit was established in accordance with global best practices on insolvency. It will also offer specialized and standardized services on insolvency. Furthermore, the Unit will serve as a dedicated channel for supervisory and enforcement infrastructure on insolvency issues. For AMCON, this Unit will offer the Fast Track services inherent to the realization of the Corporation’s mandate and the procedure enacted by the Federal High Court AMCON Rules, 2024.
“In addition to the Unit in the Abuja Division, the Corporation is collaborating with the office of the Hon. Chief Judge of the Federal High Court to have this Unit established in Lagos, Port Harcourt, Enugu, Kano, and Kaduna divisions of the Federal High Court. This will enhance your performance and also ease your challenges while delivering your tasks to the Corporation. The FHC AMCON Rules, 2024 have robustly prescribed the procedure for realizing the extraordinary powers of the Corporation as enshrined in its establishment Act 2010 and subsequent amendments. Our resource person will take you through the nitty-gritty of the Proceeding Rules.
“Similarly, the Hon. President of the Court of Appeal, also in the exercise of the powers as the Hon. President of the Court of Appeal approved the Court of Appeal (Fast Track) Practice Directions, 2021 to expedite disposal of matters relating to AMCON debt recovery and indeed other institutions that relate with insolvency. The Fast Track Practice Directions has accommodated the expedient provisions of the AMCON Act, 2010 (as amended) by prescribing that the Court of Appeal can exercise any power conferred by any law and impose conditions, including a condition to pay a judgment debt or other sum of money into Court’s Registry or specify the consequence (s) of failure to comply with the order or the condition. Similar provisions are also captured by the Supreme Court Rules, 2024.”
It would be recalled that when the AMPs scheme was set up in 2016, the strategy was for AMCON to leverage the expertise of the firms to resolve debts that are categorised into two: debts of N100 million and below, and debts of N100 million and above. The Corporation also, through that platform, intends to nurture its transformation into the preferred model for recovery and resolution of non-performing loans in the banking sector and financial services industry. A new sub-sector should emerge with desirable job creation and multiplier impact.
Therefore, the AMPs would, among other things, work with AMCON in tracing, identifying, and locating obligors with the intent to resolve their outstanding indebtedness. They would also be involved in the identification and location of assets of obligors (both pledged and unpledged) to enhance the Eligible Bank Assets (EBAs) value and achieve set recovery objectives, negotiation of settlement and restructuring terms with identified obligors in line with approved guidelines. The AMPs will be vested with the wide powers granted to AMCON by its enabling Act. It would be recalled that almost nine years ago, AMCON called for applications from reputable and qualified entities with the requisite experience to collaborate with it as AMPs to resolve these debts.
Recall that AMCON was established in 2010 as a resolution vehicle to purchase the non-performing loans from banks, inject liquidity into the banks, and subsequently recover the purchased bad loans. Since its establishment, AMCON has successfully stabilised the Nigerian banking sector by restructuring and collecting some of these loans. However, the Corporation is seeking to recover a humongous outstanding debt of over N4.6trillion in the hands of its obligors.
Themed, AMCON Debt Recovery in Renewed Hope Paradigm, the AMCON interaction with the AMPs featured many presentations including, “AMCON Special Powers and the Dissection of the Federal High Court (Asset Management Corporation of Nigeria) Proceeding Rules, 2024, etc; The Role of the EFCC in AMCON debt recovery; Asset Tracing and Documentation; Conventional and Unconventional Asset Tracing as well as AMP case Management and AMP Regime, amongst others.
The Independent National Electoral Commission (INEC) has appealed the judgement of the federal high court in Abuja nullifying the timelines issued for the conduct of party primaries and the nomination of candidates.
Alex Izinyon SAN, leading a team of lawyers of the commission in a notice of appeal dated May 25, raised nine grounds it urged the appellate court to consider and vacate the judgment the Federal High Court in Abuja delivered on May 20.
Apart from raising the issue of jurisdiction, which it said the lower court did not determine, INEC also maintained that the legal action the Youth Party (YP) initiated against it was not only hypothetical but academic.
Arguing that failure of the trial court to make pronouncements on the issues, resulted in the denial of fair hearing to the Appellant, the commission also stressed the lower court misinterpreted the provisions of the electoral act.
It said: “The high court erred in law when it held that: ‘It is clear from the wordings of Sections 29(1), 82 and 84 of the Electoral Act, 2026, the following can be understood. Section 29(1) of the Electoral Act, 2026 mandates Political Parties to submit the names of candidates in prescribed forms of the candidates who emerged from its valid primaries which such a political party intends to sponsor at the elections, not later than 120 days before the date of the General Election.
“What is required of Political Parties to do under the Electoral Act, 2026 is to notify the Independent National Electoral Commission (INEC) 21 days before the holding of its primaries, congresses or conventions, days before the holding of its primaries, congresses or conventions, or any conference or meeting convened for the election of its executive committees, other governing bodies for nominating candidates.
“The Defendant is not mandated to impose a timeframe for political parties to conduct their primaries provided that it will be done and submitted not later than the 120 days provided by the Electoral Act, 2026. See Section 82(1) of the Electoral Act, 2026.”
It was another day of misery in Kwara State, when daredevil terrorists reportedly stormed Yashikira Community in Baruten Local Government Area of Kwara State, and as has been the case in many of the attacks, abducting scores of residents including women and children.
But, apparently to register their authority, the gunmen, who were said to have operated for hours without challenge from the security operatives, were said to have torched the palace of the Emir.
The attackers, which reportedly occurred late Sunday night were said to have announced their presence through heavy firing and after storming the palace of the monarch during the period, set it on fire before whisking away their victims, but a similar attempt at the police station in the community, was repelled.
While some of the residents, narrated how the spent hours without resistance, leaving behind destruction and fear in the border community, another account said the villagers were caught unawares as the gunmen invaded the town under the cover of darkness.
However operatives made up of the police and military personnel, were said to have launched a manhunt immediately for the immediate rescue of the victims, including throwing a cordon in the area as part of the mission.
“The suspect offered ₦500 million to the SPU commander in an attempt to make the team stand down and allow him to contact his associates to move the consignment elsewhere. The offer was rejected immediately and properly documented for further investigation.”
These were the exact words of Olohundare Jimoh Assistant Inspector General of Police (AIG), with which he detailed how operatives of the Zone 2 Command of the Nigeria Police Force (NPF) scoffed at a N500million bribe to turn their eyes off the importation of a huge consignment of drugs imported into the country.
This was part of the details of a major breakthrough by the operatives after bursting a major drug trafficking syndicate in Lagos, which led to the seizure of suspected illicit drugs estimated at ₦7.8 billion and arresting several suspects, including the alleged kingpin.
In the operation, reportedly carried out by officers of the Special Protection Unit (SPU) in collaboration with divisional police detectives, the operatives, were said to have stormed a house in Mende, Maryland area of Lagos, following months of surveillance and intelligence gathering coordinated by the Zone 2 Headquarters.
The recovered drugs consisted of hundreds of bags of suspected Canadian Loud, allegedly stored in the residence of the prime suspect, Jimoh, said disclosing that the suspect was apprehended on May 19 after weeks of strategic monitoring by operatives.
Offering further details, he said the operation was executed with technical support and guidance from the Inspector-General of Police, IGP Olatunji Disu, alongside coordinated efforts between the SPU and divisional police teams.
Jimoh revealed that during the operation, the suspect allegedly attempted to bribe the SPU commander with ₦500 million to compromise the mission and allow the movement of the drug consignment.
The AIG described the development as a reflection of the renewed professionalism and operational discipline being entrenched in the Force under the current policing strategy.
He noted that the success of the operation underscored the importance of deploying specialized police units alongside conventional divisional teams in tackling organized crime.
According to him, the operation demonstrated the effectiveness of rapid containment strategies, intelligence-led policing, and professional conduct among the operatives involved in the raid.
“Rapid containment was achieved as the Special Protection Unit worked with divisional teams to secure the perimeter and prevent escape or interference with evidence.
“The operation was intelligence-driven, following months of surveillance and technical monitoring before the raid was carried out.
“The immediate rejection and documentation of the bribe attempt also reflect the standard expected from redeployed personnel at the divisional level,” Jimoh added.
Reacting to the development, the Inspector-General of Police, IGP Olatunji Disu, commended the operatives for their professionalism, saying the success of the operation validated the ongoing redeployment of personnel to divisions and units across Lagos and Ogun states.
The IGP noted: “Policing must be close to the people, and our specialized units must work side by side with divisional teams on the ground.
“The professionalism shown by the SPU commander in rejecting a ₦500 million bribe and following due procedure is the standard we expect. It shows that when you put your best foot forward at the grassroots, you get results and restore public trust.”
Disu further assured that the Force leadership would continue to reward integrity while holding officers accountable to the highest ethical standards.
Police authorities said exhibits recovered during the operation have been properly documented and will be tendered in court. The suspects are currently in custody while investigations continue to track down other members of the drug trafficking network.
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