Senate: 350 Debtors Frustrating AMCON’s Efforts to Recover N4.4tn

Senate: 350 Debtors Frustrating AMCON’s Efforts to Recover N4․4tn

12/4/2021 1:50:00 PM

Senate: 350 Debtors Frustrating AMCON’s Efforts to Recover N4․4tn

• Kuru: Slow court processes, conflicting orders hindering recovery Our Correspondents The Senate yesterday lamented that efforts to recover the N4.4 trillion owed the Asset Management Corporation …

Our CorrespondentsThe Senate yesterday lamented that efforts to recover the N4.4 trillion owed the Asset Management Corporation of Nigeria were being frustrated by 350 prominent Nigerians.The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, stated this at a stakeholders’ symposium, titled, “Consolidating the Effectiveness of the Asset Recovery Model Adopted By AMCON”, held in Abuja.

Sani said, “The road has not always been smooth for AMCON. For a long time, AMCON has been at the receiving end of well laid and orchestrated acts of economic sabotage.“From the N4.4 trillion we are trying to recover, about 350 people in this country are responsible. This is about 83 per cent of the debt.

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They are amongst you in the senate there , thieves

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• Kuru: Slow court processes, conflicting orders hindering recovery Our Correspondents The Senate yesterday lamented that efforts to recover the N4.Published 3 December 2021 The Senate on Friday lamented that efforts to recover the N4.The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, stated this at a stakeholders’ symposium titled, ‘Consolidating the effectiveness of the asset recovery model adopted by AMCON,’ in Abuja.as firm believer of federalism.

4 trillion owed the Asset Management Corporation of Nigeria were being frustrated by 350 prominent Nigerians. The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, stated this at a stakeholders’ symposium, titled, “Consolidating the Effectiveness of the Asset Recovery Model Adopted By AMCON”, held in Abuja. Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, stated this on Friday at a stakeholders symposium. Sani said, “The road has not always been smooth for AMCON. “Of the N4. For a long time, AMCON has been at the receiving end of well laid and orchestrated acts of economic sabotage. Sani said, “The road has not always been smooth for AMCON. “From the N4. , who died on Tuesday 30th November, 2021, in a London hospital.

4 trillion we are trying to recover, about 350 people in this country are responsible. “From the N4. This is very worrisome. This is about 83 per cent of the debt. “This is very worrisome. This is about 83 per cent of the debt. This means that powerful Nigerians are the ones not willing to pay these loans. A lot of highly placed Nigerians are not willing to support AMCON because most of those people are the ones that took this money from the banks and of course you know the government came in to set up AMCON to save banks from going down. They have been employing different strategies and tactics to stall the repayment of loans. This means that powerful Nigerians are the ones not willing to pay these loans. Wayas as an astute politician, a firm believer in federalism, who worked hard to ensure oneness and indivisibility of the Federal Republic of Nigeria.

“A lot of highly placed Nigerians are not willing to support AMCON because most of those people are the ones that have taken this money from the banks and, of course, you know the government came in to set up AMCON to save banks from getting down. “But unfortunately, from what is happening, AMCON is finding it very difficult because those people are highly placed Nigerians, they try to frustrate AMCON’s effort through the judiciary and that is what we are looking. “A lot of highly placed Nigerians are not willing to support AMCON because most of those people are the ones that have taken this money from the banks and of course you know the government came in to set up AMCON to safe banks from getting down.” Sani assured the agency that his committee, with other relevant committees of the Senate, would do everything within their power to assist AMCON in recovering the N4.4 trillion owed the company.” Sani assured the agency that his committee with other relevant committees of the senate would do everything within their power to assist AMCON in recovering the N4. He said, “It is tax payers’ money which the government used to bail out banks; of course, to try to support the financial sector not to go down. Atiku in a statement titled: ‘ was a consummate politician and democrat, detribalized Nigerian,’ from the Atiku Media Office, in Abuja, on Thursday, described the late Wayas as a consummate politician and democrat, and a detribalized Nigerian.

“Unfortunately, they are facing a lot frustration. He said, “It is tax payers money which the government used to bail out banks; of course to try to support the financial sector not to go down. We will do our best in the interest of our country and protecting the economy of this country and to support AMCON to succeed.” The Managing Director of AMCON, Alhaji Ahmed Kuru commended President Muhammadu Buhari for passing the AMCON 2021 Amendment Bill into law. We will do our best in the interest of our country and protecting the economy of this country and to support AMCON to succeed. He said the development would further enhance the corporation’s recovery powers in many aspects. He added that the corporation had so far recovered over N1.), for passing the AMCON 2021 Amendment Bill into law. “He dedicated his life to the service of his Fatherland.

4 trillion from debtors. He said details of the recovery included cash of N665 billion; property forfeiture N278 billion; disposed assets N141 billion; share forfeiture N139 billion and other strategic assets worth N207 billion. He added that the corporation has so far recovered over N1. On other challenges faced by the corporation, Kuru said the slow pace of court processes and sometimes conflicting orders by the courts, frustrated recovery process. He further said the Judiciary must be encouraged to respect the provisions of the law that required them to fast-track cases before them and issue certificate of judgement on property. He said details of the recovery included which cash of N665bn; property forfeiture N278bn; disposed assets N141bn; share forfeiture N139bn and other strategic assets N207bn. Also, the Managing Director, Nigeria Deposit Insurance Corporation, Bello Hassan said government “is keen to provide confidence in the financial system. “I wish to convey my heartfelt condolences to his family, the people and government of Cross River State as well as the Federal Government of Nigeria.

” This, he said, “is by putting in place financial safety net” to promote financial system stability and support economic growth and development. He further said that the Judiciary must be encouraged to respect the provisions of the law that required them to fast-track cases before them and issue certificate of judgement on property. Hassan said: “The NDIC has taken important steps at ensuring safety of the Nigerian banks and protection of depositors, in line with its mandate. “The Corporation had commenced supervisory measures for digital banks, as well as the enhancement of existing consumer protection measures, especially as regards digital deposit, through enhanced collaboration with other safety net players. This, he said was by putting in place financial safety net to promote financial system stability and support economic growth and development.” Share this: .