Our recovery rate highest among AMCs globally – AMCON

The Executive Director, Asset Management Corporation of Nigeria (AMCON), Dr Eberechukwu Uneze, has said the fact that AMCON has so far recovered over N1.4 trillion out of the total N1.76 trillion it paid to acquire eligible bank assets from 22 banks with total outstanding balance of N3.6 trillion, when AMCON was created in 2010, remains a feat never achieved by any asset management company anywhere in the world.

Uneze, who represented the MD/CEO, Mr Ahmed Kuru, spoke when he received a delegation from the Nigerian Defence Academy (NDA) at AMCON Head office in Abuja.

He said the recovery rate accounts for over 70% achievement, which is the highest so far when placed side-by-side with other AMCs across the globe.

The delegation, which was led by Dr SG Joshua and Dr Lateef Mustapha both lecturers at the academy, included 30 young cadets of 300-level in the Accounting Department of the NDA.

Our recovery rate highest among AMCs globally – AMCON

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A release by Jude Nwauzor, Head Corporate Communications Department of AMCON, said the cadets and their leaders were at AMCON on an educational field trip as demanded by both the Nigeria University Commission (NUC) and NDA.

The executive director, who hosted the cadets alongside other senior officials of the corporation, described the field trip, which he said has become an annual tradition, as a welcome initiative.

He said it provides the corporation the opportunity to give back to society by imparting knowledge, which will take the students steps ahead in their theoretical and practical knowledge of accounting.