Judiciary fast-tracks AMCON debt cases as agency warns of debtors’ media warfare

The Asset Management Corporation of Nigeria (AMCON) has secured a major boost in its debt recovery operations as all levels of the Nigerian judiciary adopt new practice directions to accelerate the disposal of AMCON-related cases.

AMCON CEO Gbenga Alade, speaking in Lagos, said the judiciary—from the Federal High Court to the Supreme Court—has shown “deep understanding” of the challenges posed by chronic debtors, many of whom have tied cases up in court for years.

The Federal High Court has now created dedicated Insolvency Units to fast-track AMCON matters, a move expected to unclog the backlog of litigation involving the agency.

Alade disclosed that AMCON is currently conducting a comprehensive audit of its cases using external consultants, positioning the corporation to strengthen its litigation strategies going forward.

He issued a strong warning to the media, saying many big debtors are preparing to launch coordinated misinformation campaigns as the legal noose tightens.

According to him, some obligors took loans “with no intention whatsoever to repay,” and are now seeking to sway public opinion through distorted narratives.

The CEO emphasised that AMCON will continue to pursue recoveries “with fear of God and adherence to the rule of law,” noting that the corporation enjoys robust support from the presidency, the CBN, the EFCC, the ICPC, the National Assembly, and other government bodies.

Alade also celebrated AMCON’s financial strides and global reputation, stating that its 87% recovery rate exceeds those of most asset management agencies worldwide.

He said the corporation’s work is contributing to the development of Nigerian jurisprudence, including through its recently published AMCON Legal Compendium.