Asset Management Corporation of Nigeria, AMCON, has expressed concern over failure of its debt recovery efforts. Consequently, the corporation is seeking the support of the Senate to review its enabling Act for the purpose of enhancing its debt recovery efforts.

Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, disclosed this in Uyo, Akwa Ibom State at a 3-day retreat by the Senate Committee on Banking, Insurance and other Financial Institutions to deliberate on the best approaches to be adopted to help the challenged Nigerian economy.

Kuru, who attended the retreat with the AMCON executive directors and other senior officials of the corporation, while describing AMCON as a child of necessity in the development of Nigeria’s financial system, however, told the committee that AMCON seriously needed to enlist the support of other critical stakeholders at the highest levels to cover significant ground in the recovery mandate.

Kuru said: “AMCON is seeking for support and partnership of the upper legislative chamber because of the frustration from obligors most of who are riding and leveraging the deficiencies in our institutions to hold AMCON and the nation to ransom.

“After more than six years of operation, all efforts to recover diligently have failed. We now have to resort to the Act setting AMCON up by resorting to the courts…Let me be quick to add here, that AMCON is not trying to unduly prejudice the views or positions of stakeholders, especially the judiciary.”