AMCON Seeks Senate Intervention In Recovery Of N5trn Debt

The Asset Management Corporation of Nigeria has called on the National Assembly for legislative support in recovery of N5trn debt from defaulters.

Managing Director/Chief Executive Officer of the corporation, Mr Ahmed Lawan Kuru, disclosed this in a statement on Saturday after a meeting with the Senate Committee on Banking Insurance and other Financial Institutions in Abuja. 

The statement reads, “We want the 9th Senate of the Federal Republic of Nigeria to pile pressure on some of our obligors through the Senate Committee on Banking, Insurance and other Financial Institutions under the leadership of Senator Uba Sani as Chairman. 

"Some of these obligors are very important members of the society and as distinguished senators, I know they have all it takes to intervene and even compel AMCON obligors to meet their obligation." 

The statement urged the Senate to do more to support AMCON in recovery of the debts, noting that some of the top obligors and defaulters are still hiding under legal technicalities to tie corporation in courts.

"But in spite of all the challenges and frustrations, which have been heightened by the ravaging pandemic, the corporation is not deterred because as at August 2020, AMCON’s assets under management amounted to about N136.73bn, while the agency has about N112.03bn worth of propriety assets.

“COVID-19 pandemic has had a monumental impact on the globe and Nigeria in particular. Not only has it adversely affected the global economy, but the entire health system of the world has remained on its knees. AMCON, one of the institutions of government saddled with the responsibility of revitalising Nigeria’s economy is not immune to this monumental global disaster. 

"The pandemic has impacted negatively on the various sectors of our economy, particularly the sectors, which AMCON is substantially exposed to like aviation, oil & gas, manufacturing, and retail sectors," the statement added.

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