AMCON boss Gbenga Alade said the debt recovery agency pushed back around 3.6 trillion naira to the Central Bank since it got started back in 2010, even though it still owes roughly 3 trillion after buying 1.7 trillion worth of bad bank loans. The agency brought in foreign asset tracers to hunt down where debtors stashed their money overseas, and Alade mentioned courts created special insolvency units to speed up their cases.
Recovery rates hit 87 percent compared to what they originally paid for the toxic assets, which crushes most similar agencies worldwide except South Korea's KAMCO, which somehow got to 100 percent. Malaysia's Danaharta only managed 58 percent, and China's equivalent barely scraped 33 percent despite having way stricter laws.
Alade warned journalists that obligors might start spinning stories in the media to dodge responsibility, but said most borrowed with zero plans to pay anything back from the jump.
Recovery rates hit 87 percent compared to what they originally paid for the toxic assets, which crushes most similar agencies worldwide except South Korea's KAMCO, which somehow got to 100 percent. Malaysia's Danaharta only managed 58 percent, and China's equivalent barely scraped 33 percent despite having way stricter laws.
Alade warned journalists that obligors might start spinning stories in the media to dodge responsibility, but said most borrowed with zero plans to pay anything back from the jump.
