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AMCON To Recover 70% of NPLs, Promises Stock Exchange Will Rally

By on November 29, 2011

The Asset Management Company of Nigeria (AMCON) has stated that it plans to recover 70 percent of the N 3.14 trillion in non-performing loans (NPLs) it is in custody of.

The company has so far recovered about 15% of the value of the amount of NPLs on its books.

Speaking in Lagos at the Capital Investors Conference organized by First Bank, the MD of AMCON, Mr. Mustapha Chike-Obi stated, “We planned to recover 70 per cent of the money but so far we have only done 15 per cent of the fund sunk into the sinking funds. We are in discussion with the borrowers and we plan to restructure the loans which have been very complex and unique.”

He stated that the AMCON option spearheaded by the CBN was the cheapest and most cost-effective option available to the country, and disclosed that the agency had only collected N 20 Billion from the Government for its operations.

The technocrat advised Nigerian investors to return to the market with a long term view citing the low valuation of securities on the Nigerian Stock Exchange, stating “We have a lot of securities; we will trade them and help the market to rebound.”