Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Uba Sani, has promised that the National Assembly will partner with the executive arm of government to ensure that Asset Management Corporation of Nigeria recovers debts from defaulting obligors.
Sani made this promise at the 2019 retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions in Kaduna.
In a statement released by AMCON, the lawmaker said that recovering the debt owed the corporation had become a major burden, promising that the National Assembly would consider all options including reactivating the Failed Bank Act, and invite the pioneer management of AMCON under the leadership of Mustapha Chike-Obi for questioning.
Describing AMCON as a “strategic national institution,” Sani said the Senate was happy that the agency had done well.
He, however, stressed that recovering the huge debt owed the corporation must be done soon.
He added, “Gvernment under the leadership of President Muhammadu Buhari is now waging a sustained battle against wreckers of the economy.
"It is determined to bring defaulters to book by strengthening the legal framework that set up AMCON and giving it all the support it needs to succeed in its daunting task.
“Aside from the Senate, AMCON needs the support of all government agencies and indeed all Nigerians to succeed."
Meanwhile, Managing Director/CEO, AMCON, Ahmed Kuru, revealed that the over N1trn the agency had recovered so far accounted for 61 per cent of the Eligible Bank Assets purchase price of N1.7trn.
This, he said went down history book as an outstanding achievement when compared to the recovery performances of other asset management agencies around the world.
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