The Chairman of Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim said time would soon run out on recalcitrant obligors of the Asset Management Corporation of Nigeria (AMCON), given the renewed commitment of the lawmakers to support AMCON debt recovery drive.
Members of the Senate Committee on Banking, Insurance and other Financial Institutions are in Uyo, for a three-day retreat to deliberate on the best approaches to be adopted to help the challenged Nigerian economy. The theme of the retreat is: â€œEconomic Rebuilding through Eligible Assets Recovery.
According to a statement made available to Financial Edge, in attendance were the management of AMCON led by its Managing Director/Chief Executive Officer, Mr. Ahmed Kuru. According to the statement, Ibrahim stated that the gathering was timely because the entire hallowed upper legislative chamber was committed to helping in stabilising the economy. According to him, this retreat for the Senate Committee on Banking, Insurance and other Financial Institutions is in keeping with our commitment to build strategic collaborations in order to develop greater capacity for sustained development.
It is my hope that we will fully achieve the objectives of this retreat thereby strengthening the relationship between AMCON, this committee and indeed the entire hallowed upper legislative chamber. It is my expectation that at the end of the day, this committee will have identified new legislative support frameworks for AMCON where necessary, as well as more efficient ways to consolidate on already existing support legislations and frameworks so that AMCON can be strategically positioned to optimally perform its uniquely important responsibility of asset recovery and management.
Kuru, said AMCON was 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 6 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. We are a responsible law abiding organization with respect for the rule of law. However, our campaign is intended to draw attention to the enormity of the challenges and potential threats, which the bad loans in our portfolio pose to the wider economy and the common man.
We are mindful of time as AMCON is a corporation with a very short lifespan. Our sunset date is drawing nearer each day. In fact, other similar institutions around the world, like Malaysia have wound up their recovery vehicles. They are now focused on managing or turnaround of the assets taken over during the recovery phase.