One year after Asset Management Corporation of Nigeria (AMCON) introduced the Asset Management Partners (AMPs) programme, its Managing Director/Chief Executive Officer, Mr. Ahmed Kuru, on Tuesday in Abuja called on the AMPs to take the assignment seriously as those that performed creditably well stand the chance of having their portfolio increased in the second batch.
AMPs 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 six thousand accounts with loan balances of N100million and below.
Kuru who was speaking at the feedback session with the AMPs organised to cross-fertilise ideas on the way forward, said that the gathering was necessary because it enabled AMCON listen to the AMPs and understand the possible challenges they faced in the recovery mandate given to them.
He reassured the AMPs that AMCON will continue to provide them with the necessary support to ensure the objective of the initiative was achieved. To do that however, he said there was need for all participating AMPs to be open-minded. He also encouraged 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 also urged them to put in their best towards achieving the deliverables of the AMP initiative and promised that AMCON has incentives to the consortium that would perform 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 loan portfolio of over 12,000 loans of various sizes and sectors that are still lingering seven years after AMCON was established. This number compared to AMCON’s staff strength of approximately three hundred, it was obvious AMCON surely needs a strategic approach to improve coverage and results.
The debt recovery agency said it is convinced that the AMP programme is the key to the success of AMCON, and will therefore give them all the necessary support to make sure they succeed.