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Experts: AMCON MD’s ERM experience key in debt recovery

The newly appointed Managing Director of Asset Management Corporation of Nigeria (AMCON), Gbenga Alade’s experience as an enterprise-wide risk management professional will be vital to his success at the asset company, financial sector experts have said.

In a report released yesterday, industry experts said with certification in Enterprise Risk Management (ERM), the new AMCON boss will be deploying the much-needed knowledge for motivating AMCON towards exploring alternative strategies that include debt-equity swaps and effective legal procedure for timely retrieval and management of debts.

Alade, they said is aware of the challenges before him and expectations  from stakeholders across the board. Raheem Ajayi, a risk management expert based in Abuja, said:

“He recognizes the onerous responsibility of delivering on the critical mandate of cleaning the financial system by acquiring the non-performing loans from banks and other eligible financial institutions (EFIs). The new man at the saddle at AMCON can be trusted to ensure efficient management and accountable disposal of acquired assets to optimize returns and contribute to the overarching objectives of the Renewed Hope Agenda of President Tinubu to make the Nigerian economy stronger and viable”.

Another industry expert, Miachel Adigun, said AMCON under the new leadership is expected to change the narrative of recurring debt evasion debtors and penchant for dubious technicalities to frustrate asset recovery.

“The new AMCON has requisite experience and the know-how to make AMCON become an accelerated debt recovery corporation considering his track-record. While at the Bank of Montreal (2006 – 2009), the new AMCON chief was part of a team that implemented Base 2 capital accord and developed metrics for enterprise risk reporting,” he said.

Alade’s knowledge and skills in risk management and governance control process  was brought to bear while serving as the Managing Director and Chief Executive Officer of Guaranty Trust Bank in Sierra Leone. He is reputed to have managed the Bank to become number one in Sierra Leone in terms of service delivery and profitability which earned the bank four consecutive Best Bank Award in Sierra Leone for 2014, 2015, 2016 and 2017. Mr. Alade won the Bankers’ CEO award in 2014, 2015 and 2016.

“ AMCON is expected to be more strategic and effective by collaborating with other agencies and by exploring alternative dispute resolution mechanisms as well as strengthening legal frameworks. There is no doubt that stakeholders anticipate that the pedigree of the new AMCON chief executive would help prevent the accumulation of non-performing loans which often necessitate fostering of risk management regimes within the banking sector through responsible lending and effective enforcement of regulations,” Adigun said.




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