AMCON to NDA: Our Recovery Rate Highest in the World

The Executive Director, Asset Management Corporation of Nigeria (AMCON), Dr. Eberechukwu Uneze, has said the fact that the corporation had so far recovered over N1.4 trillion out of the total N1.76 trillion it paid to acquire Eligible Bank Assets (EBAs) from 22 banks with total outstanding balance of N3.6 trillion when it was created in 2010, remains a feat never achieved by any other Asset Management Company (AMC) anywhere in the world.

Uneze, who represented the MD/CEO, Mr. Ahmed Kuru, spoke when he received a delegation from the Nigerian Defence Academy (NDA) at AMCON Head office, Abuja. According to a statement, he said the recovery rate accounted for over 70 per cent achievement, which was the highest so far when placed side-by-side with other AMCs across the globe.

The delegation, which was led by Dr. S.G. Joshua and Dr. Lateef Mustapha, both lecturers at the academy included about 30 young cadets of 300-level in Accounting Department of the NDA.
The statement by Head Corporate Communications Department of AMCON, Jude Nwauzor, said the cadets and their leaders were in AMCON on a mandatory educational field trip as demanded by both the Nigeria University Commission (NUC) and NDA.

The field trip was one of those experiential engagements cadets in the academy must participate in before graduation.
The Executive Director who hosted the cadets alongside other senior officials of the Corporation, described the field trip, which he said has become an annual tradition as a welcome initiative, as it provides the corporation the opportunity to give back to society by imparting knowledge, which will take the students steps ahead in their theoretical and practical knowledge of accounting.

During the engagement, Group Heads and Heads of Departments in the Corporation took turns to take the cadets through the day-to-day operational activities in accounting department as well as every other department in the corporation.
They were also tutored on some challenges that confront AMCON, the concept of a “bad bank”, real-life application of technical jargons including the internal audit process, bookkeeping, Corporate Services, Valuation and Insurance, Corporate Communications, Human Resource Management, Asset Sales, among others.

Other senior staff of the Corporation who were on hand to further enrich the knowledge base of the cadets include Najib Suleman, Head, Strategy, Olugbenga Ataiyero, Chief Finance Officer, Muhammad Buba, Head Internal Control, Hassan Tanko, Group Head, Operations, Iyatum Adode-Kobiti, Group Head, Corporate Services, Mamuda Shehu, Head Human Resources and Saád Ahmed, Head Inter-Governmental Relations Department, among others.