AMCON To Opt For Alternative Debt Recovery Plan

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The Asset Management Corporation of Nigeria (AMCON) will be deploying superior methods like out-of-court settlements to recover over N5 trillion worth of debt. This was after a panel of judges led by Justice I.N. Buba urged the corporation to opt for the Alternative Dispute Resolution (ADR) during the 2019 Annual Seminar for External Solicitors and Asset Management Partners (AMPs) of AMCON, at Sheraton Hotel, Abuja.

The judges said exploring an ADR would yield faster results on debt recovery, as court cases are time-consuming, particularly as the corporation has over 3,000 court cases. Speaking Justice Buba explained that it is the duty of every judge to encourage ADR as it is faster than the slow court processes.

Also, Justice B.F.M Nyako urged AMCON lawyers to be conversant with the legal procedures, as it reduces pressure in court, saying that the Federal High Court is putting measures in place for three additional ADR centres in a bid to ease the workload.

AMCON MD/CEO, Ahmed Lawan Kuru expressed dismay over the outstanding debt of over N5 trillion, which 85 per cent is owned by 350 individuals while advising AMCON council and AMPs to take advantage of the accelerated hearing the corporation gets.

He said "The starting point for all our external lawyers and AMPs is the AMCON Act. If you are not familiar with the provisions of the AMCON Act, you will not be able to understand why AMCON is a unique institution."