Senate Vows To Back AMCON’s Debt Recovery Drive

The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, has reiterated the willingness of the National Assembly to continually support the debt recovery efforts of Asset Management Corporation of Nigeria.

The Senator made the appeal while speaking at a one-day retreat held recently in Niger State. The retreat was themed: “Asset Recovery as a Tool for Enhanced Growth and Stability of the Banking Sector Sustaining the Impact and Bridging the Challenges of AMCON.”

While appealing to sister agencies of the Federal Government and all stakeholders to support the recovery drive of AMCON, Sani said the support had become critical because AMCON remains a strategic national institution that plays an important and pivotal role in stabilising the economy.

AMCON is expected to recover nearly N5tn owed the country by debtors who for years have hidden under all manner of technicalities to tie AMCON up in different courts to stall repayment.

Sani who was represented by Senator Olubunmi Adetumbi however commended the management of AMCON for remaining resolute. He also appreciated the contribution of the Inter-Agency Committee set up by the Federal Government sometime in 2019 to ensure that debtors are held accountable.

The work of the committee has brought many obligors to the negotiation table. The Inter-agency Committee is chaired by the Chairman of Independent Corrupt Practices and Other Related Offences Commission. Prof Bolaji Owasanoye.