AMCON: Ahmed Kuru Legacy of Recovery – BY ABUBAKAR YUSUF
Whatever good planted in life resonates soonest, either in our homes , public and private organizations, hence the recent declaration of Asset Management Corporation of Nigeria AMCON of 2023 recovery running into billions cannot be divorced from over seven years strides of Ahmed Kuru , the immediate past Managing Director, of the corporation.
This was in addition to his over 1.9 Trillion recovery over the years that was laced with harassment, victimisation, vendetta on the part of the debtors and some highly placed politically exposed individuals, that had plunged the nation into economic quagmire through unpaid Bank loans.
The recent recovery for 2023 spread to 2024 has demonstrated the unwavering desire of the Ahmed Kuru led AMCON to ensure all obligors and debtors exposed to Banks did not renege on the repayment of their exposures, based on arrangements and outlined mode of repayment.
This was in addition to series of cases in court either executed by the corporation or the recalcitrant customers who are not willing to repay their exposures to the tune of over 4 Trillion when he assumed duty.
Not minding the difficulties in the recovery and repayment of various debts, the corporation out of its wisdom diversified some confiscated properties of obligors to avoid pilfering, abandonment and any other sharp practices.
This led to the leasing of Arik air among other airlines and transmutation of the airline to Eagle air for proper management and utilization.
The meticulous management of other exposures like the insurance companies, oil companies and hotels and other conglomerates owned by AMCON debtors without hitches has ensured proper and adequate diversification of obligors exposures to the consternation of Nigerians.
The positive development and contrived diversification policy of the Ahmed Kuru led AMCON had reduced the process of underutilized assets of debtors under the coffers of Asset Management Corporation of Nigeria AMCON.
The template of aggressive recovery to enable government meet its obligations in the area of social services had been the bane of its operation in the last half a decade, that had placed Bank exposures been regarded as “free money” as no longer tenable.
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The recent recovery running into billions of naira was an evidence of a solid foundation laid by the immediate past administration of the Managing Director, Asset Management Corporation of Nigeria, AMCON, Ahmed Kuru whose determined efforts was to extricate all ill gotten funds from the Banks back to government coffers.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
