By The Asset Management Corporation of Nigeria has disclosed that it recovered a total of N134bn debt from its obligors in 2016.
This was made known by the Head, Finance & Budgeting, Mr. Olugbenga Ataiyero during a briefing in Lagos recently.
According to Ataiyero, some of the recovered debt were in cash while others were in form of asset. All cash recovery was summed up to N86.9bn were in cash, N30.4bn were in asset while N8bn were recovered from sales of properties.
Ataiyero revealed that the asset management company also managed to reduce its debt profile from N304.3bn in 2015 to N254.34bn in 2016.
However, the company’s loss in 2016 increased to N352.12bn from N295bn in the previous year.
Ataiyero further stated that the company made gains of N27.15bn on fair value of its restructured loans.
