AMCON Must Remain Transparent, Efficient – Reps

Following the change in the executive leadership of the Asset Management Corporation of Nigeria (AMCON) by President Bola Ahmed Tinubu, the House of Representatives has charged the Corporation, to continue to innovate and adopt best practices in asset recovery, management, transparency, accountability, and efficiency in the quest to recover the total outstanding debt of nearly N5 trillion owed AMCON by some obligors.

Chairman, House of Representatives Committee on Banking and Other Ancillary Institutions, Hon. Eze Nwachukwu Eze, stated this at the Corporate Head office of AMCON on Tuesday when he led the House Committee on its 2024 oversight visit.

It is the first oversight visit of the Eze-led committee to the Corporation since the new AMCON executives, currently led by Gbenga Alade as managing director and chief executive, assumed office in February.

The chairman said once transparency, accountability, and efficiency remain the cornerstones of AMCON’s operations, as legislators, the committee members will be committed to providing the necessary support through appropriate legislative frameworks and oversight functions to ensure AMCON fulfils its recovery mandate effectively.

“Moreover, we recognize that AMCON cannot achieve its mandate in isolation. Collaboration with the National Assembly, which this Committee represents, other financial institutions, regulatory bodies, and other stakeholders is crucial. As representatives of the people, we are committed to fostering an enabling environment that supports AMCON’s efforts and promotes the stability and growth of our financial system.

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“As we navigate through the current economic landscape, marked by global uncertainties, and domestic challenges, the role of AMCON becomes even more critical. Resolving non-performing loans, recovering debts, and managing acquired assets are key to ensuring the stability and resilience of our banking sector. It is essential that AMCON remains steadfast in its mission, adopting innovative strategies and leveraging technology to enhance its operations.

“AMCON, since its inception, has played a pivotal role in stabilising the Nigerian financial system. In the aftermath of the 2009 global economic crisis, AMCON was established to address the non-performing loan crisis that threatened the stability of our banking sector. Today, as we reflect on the journey thus far, we acknowledge the significant strides made by AMCON in fulfilling its mandate.

This visit aims to ensure that AMCON operates within the legal framework established by the National Assembly and achieves its objectives effectively and efficiently,” Eze stated.

In his welcome remarks, the AMCON MD/CEO who hosted the Committee with his executive directors – Dr Aminu Mukhtar Dan’amu, and Adeshola Lamidi among other senior staff of the Corporation told the Committee that despite the shaky start-off model, the Corporation, with the support of the National Assembly, has made considerable recoveries.

Alade said, “To date, the Corporation has made recoveries in the sum of N1.960 trillion. Of the total recovery, cash recovery represents 43 per cent, sale of bridged banks 13 per cent, sale of proprietary shares 11 per cent, clawback & repurchases nine per cent, sale of property assets & rentals nine per cent, investment income seven per cent, while others represent about seven per cent.”