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Debt Recovery: NASS To Vest More Powers On AMCON



The Chairman of House of Representatives Committee on Banking and Currency, Hon. Sir Jones Chukwudi Onyereri has disclosed that the House of Representatives is currently working at amending the Act establishing the Asset Management Corporation of Nigeria (AMCON).

He said the proposed amendment would further empower and embolden AMCON to go after its debtors especially those who hitherto think they can ride on some loopholes in the Act so as to perpetually engage AMCON in court.

Onyereri stated this at a one-day technical session with stakeholders which include: the Central Bank of Nigeria (CBN); Nigeria Insurance Deposit Corporation (NDIC), members of the House Committee on Banking and Currency, AMCON management among others where the challenges inhibiting AMCON from recovering were extensively discussed.

The committee also used the occasion to listen to presentations from the representatives of the CBN, NDIC and legal luminaries among others on how AMCON could function optimally as well as meet its mandate before sunset.

Speaking at the forum, managing director and chief executive of AMCON, Mr. Ahmed Kuru described his assignment at AMCON as “very difficult,” but said there was need to change the recovery approach at the Corporation with the backing of the National Assembly especially since the remaining crop of AMCON debtors are defiant, recalcitrant and business heavyweights who have the financial wherewithal to repay their debts but have refused to pay by going to court to tie AMCON up.

“We have been doing this for the past seven years and we have realised that what we need now at this time in the life of AMCON is legislative help that would make it possible to recover these debts effectively and efficiently. At AMCON, we believe that the Act establishing the Corporation can be amended as many times as possible by the National Assembly as long as they think it is appropriate to do so in the interest of the Nigerian economy. Given the difficulties we are facing presently, we are of the opinion that the Act establishing AMCON should be amended to reflect our sunset period.





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