The Asset Management Corporation of Nigeria (AMCON), has called on the Asset Management Partners (AMPs), to take their assignments seriously, as those that performed creditably well stand the chance of having their portfolio increased in the second batch.
The call, which is coming one year after the introduction of the AMP programme, was made by the Managing Director/Chief Executive Officer, AMCON, Ahmed Kuru, on Tuesday in Abuja.
Asset Management Partners are consortiums with specialist skills required to ensure recovery and debt resolution; banking, legal, valuation and accounting. They began operations in May 2016, working together with AMCON to resolve the over 6,000 accounts with loan balances of N100 million and below.
Kuru, who spoke during a feedback session with the AMPs organised to cross-fertilise ideas on the way forward, said the gathering was necessary because it enables AMCON to listen to the AMPs and understand the possible challenges they faced in the recovery mandate assigned them.
He reassured the AMPs that AMCON will continue to provide them with the necessary support to ensure the objective of the initiative is achieved.To do that however, he said there was need for all participating AMPs to be open-minded, while also encouraging them to feel free to point out areas they think AMCON should improve on; or even provide support to enable them carry out their assignments better.
Kuru urged them to put in their best towards achieving the deliverables of the AMP initiative and promised that AMCON has incentives to the consortiums that performed very well.
AMCON said it came up with the ingenious idea of collaborating with AMPs because it became necessary last year given the fact that the Corporation has a total portfolio of over 12,000 loans of various sizes and sectors that are still lingering seven years after AMCON was established. Compared with AMCON’s staff strength of approximately 300, it became obvious that the Corporation required a strategic approach to improve coverage and achieving results.
The debt recovery agency said it is convinced that the AMP programme is key to the success of AMCON, and will therefore give the AMPs all the necessary support to make sure they succeed.