Lagos – Mr Ahmed Kuru, Managing Director of the Asset Management Corporation of Nigeria (AMCON), on Tuesday called on the managers of the Asset Management Partners (AMP) programme to take their assignment seriously.
Kuru said that those that performed creditably well stand the chance of having their portfolio increased in the second batch.
He was quoted as saying this in a statement by the corporation in Lagos.
The News Agency of Nigeria (NAN) recalls that AMPs were introduced in May 2016.
They were consortiums with specialist skills required to ensure recovery and debt resolution that include banking, legal, valuation and accounting.
They work together with AMCON to resolve the over six thousand accounts with loan balances of N100million and below.
Kuru, who was speaking at the feedback session with the AMPs organised to cross-fertilise ideas on the way forward, said the gathering was necessary because it enabled AMCON to listen to the AMPs.
The managing director added that it also afforded the corporation to understand the possible challenges they faced in the recovery mandate assigned them.
Kuru reassured the AMPs that AMCON will continue to provide them with the necessary support to ensure the objective of the initiative is achieved.
To do that however, he said there was need for all participating AMPs to be open-minded.
He also encouraged them to feel free to point out areas they think AMCON could improve on or provide support to enable them carry out their assignments better.
Kuru urged them to put in their best towards achieving the deliverables of the AMP initiative and promised that AMCON has incentives to the consortiums that who perform very well.
AMCON said it came up with the ingenious idea of collaborating with AMPs because it became necessary last year because the corporation had a total portfolio of over twelve thousand loans of various sizes.
He also said that it had sectors that were still lingering seven years after AMCON was established.
According to him, the number compared to AMCON’s staff strength of approximately three hundred, shows that AMCON needs a strategic approach to improve coverage and results.