Asset Recovery
Get to know us better by taking a look at an overview of the global asset recovery market.
SIZE OF THE GLOBAL MARKET
Smarter Asset Recovery
We think public solutions have proved inadequate remedy for the global crisis.
So we've created a private sector solution to fix a significant public problem.
So we've created a private sector solution to fix a significant public problem.
No Success, No Fee
Efficiency means speed, innovation and continuous improvement using cutting edge technologies.
We operate on a 'no win, no fee' basis, meaning our clients only pay for a positive outcome.
Corrupt Leaders of Poor Countries
According to the World Bank, corrupt leaders of poor countries steel as much as £30.43 billion each year in stolen assets and foreign assets in breach of contracts they have stashed overseas.
Recovery Rate as Low as 0.2 percent
In 2011, the United Nations Office for Drugs and Crime (UNDOC) estimated that the global rate of detection of illicit funds or foreign assets in breach of contracts by law enforcement is as low as one-percent for criminal proceeds, and the seizure rate is possibly 0.2%. Once removed, funds are extremely difficult to recover, and a lot of these funds come into, or through the UK.
26p in Every £100 Recovered
It has been estimated that £23 billion to £57 billion of dirty money is laundered in the UK each year. Against this threat, the UK National Audit Office (NAO) estimates that only 26p in every £100 is confiscated from organised criminals and loan defaulters.
Contracts From Several Countries
ARNUK believes that the UK's institutions and organisations have been used as repositories or intermediaries for stolen funds and foreign assets in breach of contracts from several countries, including Bangladesh, Kenya, Nigeria, Pakistan and Zambia.
NIGERIA
The current size of Nigeria's Toxic market is estimated to be worth over N2 trillion (£6.56 billion)
2009
The Soludo Estimate
According to Charles Soludo (former governor of the central Bank of Nigeria), the toxic assets of eight banks out of twenty-four banks amounted to about N336 billion (£1.1 billion) which rose to N400 billion (£1.31 billion) after CBN had included the margin of errors.
[Source: The Nation]
2012
The AMCON Estimate
According to a source at The ASSET MANAGEMENT CORPORATION OF NIGERIA (AMCON), the organisation was not able to resolve over N5.1 trillion (£16.7 billion) toxic assets it acquired from the banking industry between 2010 and 2012. [Source: The Vanguard]
2016
In Just 10 Banks
The board of AMCON stated that it is confronted with N3 trillion (£9.83 billion) in toxic assets from 10 out of the 24 banks in the country.
[Source: The Vanguard]
2017
AMCON 2
The Central Bank of Nigeria (CBN) announced an exposure draft framework for the creation of the second version of AMCON, known as AMCON 2, to tackle over N2 trillion (£6.56 billion) of non-performing loans in the banking sector. [Source: The Vanguard]