In a renewed move to accelerate the recovery of over N4.6 trillion in outstanding debts, the Asset Management Corporation of Nigeria (AMCON) has outlined fresh strategies aimed at intensifying pressure on chronic debtors, with a major emphasis on strengthening collaboration with its Asset Management Partners (AMPs).

The initiative was unveiled at the weekend during an interactive session held in Abuja, where AMCON’s new executive management team, led by Gbenga Alade as managing director/chief executive officer, hosted AMPs under the theme “AMCON Debt Recovery in Renewed Hope Paradigm.”

Speaking at the forum, Adeshola Lamidi, AMCON’s Executive Director in charge of Resolution, highlighted the Corporation’s new direction, which involves more practical and proactive methods to debt recovery. He emphasised that the renewed engagement with AMPs would not only be sustained but scaled up for greater efficiency. Lamidi said the session served as a platform to reflect on the journey so far, assess recovery mechanisms, and chart a more effective path forward.

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He reiterated AMCON’s twofold mandate to stabilise Nigeria’s financial system by acquiring non-performing loans and then recovering them and stressed that the Corporation’s success in the second phase would hinge heavily on the performance of the AMPs.

“Our success depends greatly on your dedication, innovation, and professionalism,” Lamidi told the gathering. “To achieve more, we must deepen our collaboration, uphold the highest ethical standards, and think strategically in our recovery efforts. This interaction is designed not only to strengthen our engagement with you but also to jointly explore practical solutions, share feedback, and forge more effective ways forward.”

Endorsing Lamidi’s remarks, Gbenga Alade, in his inaugural address to the AMPs, underscored the critical role they play in AMCON’s recovery framework. He noted that with fewer than 500 personnel and only two operational offices in Lagos and Abuja, AMCON cannot single-handedly manage over 12,000 debt portfolios. He said, “You must not underestimate your importance to the Corporation. The scale of the challenge we face requires a collective and aggressive recovery drive, especially in view of AMCON’s limited lifespan and the mounting resistance from recalcitrant debtors.”

Alade acknowledged the difficulties associated with debt recovery but commended the AMPs for their perseverance and performance thus far. He also credited feedback from previous AMP engagements for prompting key judicial reforms, including the formulation of the Federal High Court (AMCON) Proceedings Rules, 2024 and the establishment of the Insolvency Unit at the Federal High Court. This Unit, created in March 2025, aligns with global best practices on insolvency and is designed to fast-track AMCON-related legal proceedings.

“The Unit will implement insolvency provisions under the AMCON Act and the Companies and Allied Matters Act (CAMA), 2020, covering areas such as Company Voluntary Arrangements, Administration, Receivership, Winding-Up, and restructuring,” Alade explained. “It will serve as a specialised platform for enforcement, standardisation, and expedited legal processes related to insolvency and debt recovery.”

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To bolster operational reach, AMCON is working with the Hon. Chief Judge of the Federal High Court to extend the Unit to other jurisdictions, including Lagos, Port Harcourt, Enugu, Kano, and Kaduna. These judicial advancements, alongside the Fast Track Practice Directions, 2021, approved by the President of the Court of Appeal and the Supreme Court Rules, 2024, are geared toward enhancing the enforcement of AMCON’s statutory powers and accelerating case resolution.

The AMPs scheme, inaugurated in 2016, was designed to leverage the expertise of private sector firms in resolving debts of both below and above N100 million. AMCON’s long-term goal is to create a new sub-sector for loan recovery and resolution within the financial industry, potentially generating employment and wider economic benefits.

The AMPs are mandated to locate debtors, identify their pledged and unpledged assets, enhance the value of Eligible Bank Assets (EBAs), and negotiate settlements in accordance with AMCON guidelines. The scheme also grants them authority under AMCON’s legal framework to act decisively in recovery processes.