AMCON’s Recoveries From Debtors Rise To N1.1tn - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
May 12, 2020
Asset Management Corporation of Nigeria AMCON said it has recovered a total of 1.1 trillion Naira from debtors since its establishment.
AMCON Managing Director/Chief Executive Officer, Ahmed Kuru, said in a telephone interview that the amount recovered was as at the end of the first quarter of 2020, with cash accounting for about 60 per cent of the recovery, while non-cash assets were about 40 per cent.
The latest figure was an improvement by about 100 billion naira, compared with the 1 trillion naira said by the corporation as of the comparable period of 2019.
Kuru, however, explained that the outbreak of the COVID-19 pandemic had slowed down the pace of recovery as the task involved more of physical content.
According to him, the pandemic has so far slowed down the legal process, physical visits to assets and valuations, among others.