By: Abubakar Yusuf
The re-appointment of Alhaji Ahmed Kuru as Managing Director,Asset Management Corporation of Nigeria AMCON,as a familiar terrain was desirable,after he drove the vision and mission of the corporation to fruition through implementation of many laudable innovations with initiation of new ones.
As a seasoned Banker appointed from the top echelon and boardroom of the financial institution,the task of managing toxic assets had risen to higher pedestal not only in recovery, but well thought out diversification of assets and businesses that were hitherto in comatose and became both wasteful and liability.
No doubt his appointment and re-appointment came as a normal routine change of guard, for expectations of more positive results that will affect the economy of Nigeria positively.
The deliberate efforts by the Banks customers not to redeem their parts of agreement was not a new trend before the management under Kuru led AMCON,as the company also devised the means that countered the customers unwillingness to oblige after the window of repayment was exhausted enmeshed in many sharp practices.
Having took over from a pioneer leadership that was only saddled with employment, assessment and collation of exposures in the Nationalised Banks due to some bad availement both to corporate,multi nationals,private and public entities. Banks customers poor perfomance that was responsible to the ailed Banks due to non compliance with the scheduled repayment of both loans and advances as well other financial requirements got a riot act.
In the last five years and first term of the current Managing Director, Alhaji Ahmed Kuru was very critical and significant to the economic emancipation of Nigeria,as recovery from distressed Banks customers that was hitherto not easy to come by,owing largely to either litigations, confrontation,threats,and outright evasion by both the business class, multinationals and individuals,became a thing of the past.
This is at the backdrop of numerous non- performing loans and deliberate evasion,apathy,diversion by the customers of Banks and financial institutions, outright collision and in-house abuse by officials of Banks both at the top,middle and lower level that warranted the nationalisation carried out by the CBN in 2009, through and an act that established AMCON,that warehoused all the round tripping and unprofessional financial transactions and availement that was the other of the day in early 2000 that led to its decision.
His decision repositioned the Banks for optimum perfomance, introduced decency into financial transactions and conscripted customers repayment of their exposures to both the Nationalised and all other existing Banks for better performance and services.
The enabled environment was created particularly after his management of one of the distressed Banks worst hit by the decision of the CBN, that brought about the birth of AMCON as well as indepth wealth of experience, knowledge.
Kuru led AMCON was not only properly positioned that restructured,rescheduled and recovery alone, but divested into oil,non oil, aviation and other critical areas of the economy to avoid a near collapse of the country’s economy.
This singular decision had brought the ailing major airliners like Arik and Aero that became moribund for unserviceable loans and advances, not only back to full businesses ,but created another airline from the thriving business of Arik after it injected another 375 Billion.
His decision averted a major job losses and crises in the aviation sector that is critical to the economy of Nigeria,as well as it’s mainstay.
This is also laced with concerted efforts of recovery of bad loans taken over from Banks and effective supervision of Banks activities through it’s act.
The recent commendation and vote of confidence on the management by the National Assembly and it’s plans to enact enabling laws to fast track the recovery of a whopping 16 trillion naira owed Nigeria Banks by customers showed the level of commitment of Kuru’s leadership.
This achievements is being witnessed inspite of the biting global recession and health challenges of COVID-19 in second wave,with the lockdown anchored on a well thought out management in AMCON.
Despite the burden of unserviceable loans and advances, AMCON management wisdom at repayment of availed funds from CBN remained the cardinal objectives of the current Managing Director,as repayment of over 2 Trillion out of over 4 Trillion was recently obliged.
This lofty gains was attained through it’s recovery drive, efficient and proactive leadership witnessed in the last five years under the control of a robust top echelon of management.
With combined efforts of the robust management and enabling act and collaboration with the National Assembly including the cooperation of customers through the zeal to repay debts,sooner or later in the coming years,the crises of unserviceable loans warehoused by AMCON will become a thing of the past.
This will be the result from a focussed, vibrant and time tested leadership under Alhaji Ahmed Kuru led AMCON.
Yusuf can be reached on Yus.firstname.lastname@example.org.