Senate Panel: We will continue to support AMCON’s debt collection efforts

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Uba Sani, Chairman of the Senate Banking, Insurance and Other Financial Institutions Committee, said the National Assembly will continue to support the debt recovery efforts of the Asset Management Corporation of Nigeria (AMCON).

Sani gave this assurance during a one-day retreat recently held at the Zuma Rock Resort in Niger State.

The theme of the retreat was: “Asset Recovery as a Tool to Strengthen Growth and Banking Stability, Sustain Impact and Address AMCON’s Challenges”.

He said support for AMCON has become essential as the company remains a strategic national institution that plays a pivotal role in helping stabilize the economy.

AMCON is responsible for recovering nearly “5 trillion dollars owed to the country by debtors who for years have hidden under all kinds of technical details to bind the agency in various courts in order to delay repayment”.

Sani, represented by Olubunmi Adetumbi, Senator representing Ekiti North, commended AMCON management for its determination.

While calling on other federal government agencies and all stakeholders to support AMCON’s revival campaign, Sani also appreciated the contribution of the inter-agency committee set up by the federal government in 2019 to ensure that debtors are held responsible.

He said the work of the committee, chaired by Bolaji Owasanoye (SAN), who is also the chairman of the Independent Corrupt Practices and Other Related Offenses Commission (ICPC), has brought many debtors to the negotiating table.

The committee is made up of heads and representatives of agencies including the Independent Corrupt Practices and Other Related Offenses Commission (ICPC), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU). ), among others.

In November 2021, President Muhammadu Buhari signed into law the Asset Management Company of Nigeria (Amendment) Act, amending the AMCON Act No. 4 of 2010.

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