Lawmakers Pledge Support for AMCON - THISDAYLIVE

Lawmakers Pledge Support for AMCON

15.11.2019

Lawmakers Pledge Support for AMCON

Obinna Chima The Chairman, Banking and Currency, House of Representatives Committee Chairman on Banking and Currency, Hon. Victor Nwokolo has assured Nigerians that the ninth National Assembly will take all necessary measures to support the Asset Management Corporation of Nigeria (AMCON) in realising the huge outstanding debt of over N5.4 trillion owed it by obligors …

Nwokolo, who was addressing members of the House Committee on Banking and Currency at a retreat in Lagos, affirmed that the National Assembly through the committee, which has oversight mandate over AMCON would work to ensure that AMCON not only performs its function satisfactorily, but ensures that the corporation delivers on its expected mandate given that AMCON is a creation of the parliament in 2010.

He said enforcement has become critical given the tactics of the debtors, which has constrained AMCON from achieving optimum results especially since public funds were used to buy these loans that helped prevent systemic collapse of the banking sector in Nigeria at the time AMCON was created in 2010.

“AMCON is already working with Ernst & Young as (Financial Advisers) to see what we need to do, how we need to work with the Nigerian Insurance Deposit Corporation (NDIC) and the Central Bank of Nigeria (CBN) to thinker things a little and then at certain point in time liaising with the National Assembly draw a line.

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