The Managing Director, Asset Management Corporation of Nigeria (AMCON), Gbenga Alade, yesterday revealed that the Corporation has made recoveries in the sum of N1.960 trillion, with cash recovery representing 43 per cent of the total recoveries.
Alade made the disclosure while receiving House of Representatives Committee on Banking and Other Ancillary Institutions members, led by its Chairman, Eze Nwachukwu Eze.
In a statement by Head, Corporate Communications Department, AMCON, Jude Nwauzor, the AMCON boss informed the Committee that despite the shaky start-off model, the Corporation, with the support of the National Assembly, has made considerable recoveries.
“To date, the Corporation has made recoveries in N1.960 trillion. Of the total recovery, cash recovery represents 43 per cent; sale of bridged banks 13 per cent; sale of proprietary shares 11 per cent; clawback and repurchases nine per cent; sale of property assets & rentals nine per cent; investment income seven per cent, while others represent about seven per cent,” Alade explained.
