The Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Gbenga Alade, has blamed chronic debtors for damaging the Nigerian economy, accusing them of never intending to repay the loans they took from banks.
Speaking during an interactive session with media executives in Lagos, Alade said many of these debtors hold high positions in government, making recovery efforts even more difficult. “Dealing with such debtors who are in government, holding very high positions across different decision-making portfolios, is one of the most challenging tasks I have ever faced,” he said.
He stressed that AMCON would pursue its recovery mandate with integrity, national interest, and strict adherence to the law. “Our appointment is a call to serve the motherland, and we will deliver with sincerity of purpose,” he said. He also urged journalists to be wary of biased narratives from defaulting debtors.
Alade revealed that the ban on asset sales previously placed on the corporation has been lifted following the reconstitution of the AMCON board. “We have sold some high-profile assets running into several billions of naira,” he disclosed.
He also highlighted progress made by companies under AMCON’s receivership. Arik Air, he said, is returning to profitability, and Aero Contractors is delivering significant value. “As of today, Aero is the only airline in Nigeria with a functioning Maintenance, Repair and Overhaul (MRO) facility,” he said, attributing the success to effective and prudent management.
