AMCON Seek Senate Support in Recovery N5trn Debt

The Asset Management Corporation of Nigeria, AMCON, has run to the 9th senate assembly for their support in recovery of N5trn debt.

AMCON through her Managing Director/CEO, Mr. Ahmed Lawan disclosed this move in a statement on Saturday.

Speaking after a meeting with the Senate Committee on Banking Insurance and other Financial Institutions in Abuja, Mr. Lawan disclosed that the effort of the committee is greatly in need in order to recover this huge debt.

“We want the 9th Senate of the Federal Republic of Nigeria to pile pressure on some of our obligors through the Senate Committee on Banking, Insurance and other Financial Institutions under the leadership of Senator Uba Sani as Chairman.” He said.

“Some of these obligors are very important members of the society and as distinguished senators, I know they have all it takes to intervene and even compel AMCON obligors to meet their obligation.” He added.

The MD/CEO thus urged the senate to put more efforts in supporting AMCON in recovery of the debts.

He also noted that some of the top obligors and defaulters are still hiding under legal technicalities to tie corporation in courts.

“But in spite of all the challenges and frustrations, which have been heightened by the ravaging pandemic, the corporation is not deterred because as at August 2020, AMCON’s assets under management amounted to about N136.73bn, while the agency has about N112.03bn worth of propriety assets.” He said.

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“COVID-19 pandemic has had a monumental impact on the globe and Nigeria in particular. Not only has it adversely affected the global economy, but the entire health system of the world has remained on its knees. AMCON, one of the institutions of government saddled with the responsibility of revitalising Nigeria’s economy is not immune to this monumental global disaster.

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“The pandemic has impacted negatively on the various sectors of our economy, particularly the sectors, which AMCON is substantially exposed to like aviation, oil & gas, manufacturing, and retail sectors,” He concluded.

AMCON was established in 2010 for the purpose of acquiring eligible properties from eligible institutions and rovery of national asset.

Photo Credit: Sahara Reporters.

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