N5trn Debt: AMCON Seeks National Assembly Intervention – Complete News

The management of the Asset Management Corporation of Nigeria, AMCON has appealed for National Assembly’s intervention in debt recovery.

The Senate Chairman Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, who disclosed this on social media explained that AMCON made the appeal at an action retreat jointly organised by his committee and the management of AMCON in Abuja on Friday.

Sani said the retreat provided an opportunity for the Committee and AMCON to brainstorm on key issues and concerns in maintaining the continued stability of the financial sector particularly the banking industry and the continued reduction of high rate of non-performing loans.

He also said the parley afforded both his panel and AMCON, the opportunity to deal with several problems affecting the organisation especially its policies and processes, implementation strategies, as well as its assets recovery efforts during this COVlD-19 pandemic.

The Senator explained that participants at the forum took a critical look at how COVlD-19 has impacted on AMCON and measures that must be put in place to reposition the strategic institution to effectively play its role in helping to stabilize the financial sector in Nigeria.

Sani said, “Participants expressed concern at the strategies and tactics being employed by debtors to stall the repayment of loans. Cases drag on in courts for many years.

“AMCON has remained at the receiving end of this well-laid and orchestrated acts of economic sabotage.

“The management of AMCON made a passionate appeal to the National Assembly to come up with key legislative interventions to strengthen the institution and make assets recovery less cumbersome.”

He noted that AMCON expressed delight at the approval by the Senate of the Bill for an Act to Repeal the Banks and Other Financial Institutions Act and to Re-enact the Banks and Other Financial Institutions Act and Other Matters Connected Therewith. 2020.

He said, “AMCON strongly believes that the provision for a Loan/Credit Tribunal will assist in its loan recovery efforts.”

The Senator said the retreat came up with actionable recommendations, which if effectively implemented, would strengthen AMCON and help it to contribute to Nigeria‘s economic revitalisation efforts.