The Asset Management Corporation of Nigeria (AMCON) has unveiled plans to engage international asset tracers to track and recover the assets of chronic debtors.
In an interactive session with media executives in Lagos on Monday, AMCON’s Managing Director/Chief Executive Officer, Gbenga Alade, explained the necessity of involving international debt tracers.
“AMCON is empowered to trace personal assets of obligors, and wherever they are in the world, so we can take them, go to court, and sell them,” Alade stated.
He noted that some debtors have managed to transfer their assets far beyond the reach of local efforts, complicating the recovery process.
Alade emphasised the renewed commitment of AMCON’s new executives to global asset tracing.
“There is a renewed vigour by the new executives of AMCON to use international asset tracers. That is one of the things we are doing because we trace assets locally, but now we are taking it globally,” he said.
He further asserted that this initiative is crucial to ensuring that assets hidden under various veils are brought to light.
Highlighting the broader implications, Alade stressed that the funds at stake are not merely AMCONs but belong to the Nigerian public.
“Even if AMCON is going to wind down, these people should not go away with Nigeria’s money. This money is not AMCON’s money.
“This is Nigerians’ money. It is your money, it is my money, it is taxpayers’ money, and we cannot let them just go away with it to continue their lifestyle,” he asserted.
Alade also clarified AMCON’s position on asset management versus asset sales. “AMCON, by its mandate, is an asset management company, not asset sale.
“We are to manage all these assets to make them efficient, to make them make money, to create revenue, to create a brand, and to create wealth for Nigerians,” he explained.
According to him, AMCON’s focus is on managing assets to generate revenue and employment rather than selling assets with potential economic benefits.
Only assets from debtors who voluntarily surrender them for sale will be sold, he added.
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