National Assembly To Work With AMCON On Debt Recovery – Nwokolo

Chairman, House of Representatives Committee on Banking and Currency, Victor Nwokolo, has assured that the 9th National Assembly would work with the Asset Management Corporation of Nigeria, AMCON, in recovering the huge outstanding debt of over N5.4trillioon owed it by obligors.

Addressing members of the House Committee on Banking and Currency at a retreat, which began in Lagos on Wednesday, Nwokolo pledged that the National Assembly through the committee, which has oversight mandate over AMCON, would ensure that the Corporation not only performs its function satisfactorily, but that it delivers on its expected mandate.

While commending the 8th assembly, the management of AMCON under the leadership of Mr. Ahmed Lawan Kuru, and the executive arm of government for amending the AMCON Act, he said the National Assembly would continue to amend the Act until the federal government achieves the target for which AMCON was created, which is to stabilize the financial sector.

Given that the AMCON Act had been amended and already signed into law by President Buhari, Nwokolo said the national assembly would continue to strengthen the laws of the country on enforcement.

READ ALSO: AMCON Solicits Judiciary Intervention To Recover Over N5trillion Debt

AMCON Managing Director/CEO, Ahmed Kuru, challenged the lawmakers to consolidate on the gains of the previous national assembly saying it was in the interest of the Nigerian economy to recover the debt because AMCON was not established as a charity organisation.

On what he is doing ahead of the sunset date of AMCON, Kuru said: “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.

“My suggestion will be to put all the remaining debt in one vehicle and fling the vehicle to anybody or firm that wants to buy with considerable discount. At that stage maybe it would be wise to do that and then close AMCON. There are funds all over the world that are in search of such opportunity. Then the contributions into the sinking fund from the banks, NDIC and CBN would over the period of two or three years depending on how the rates are adjusted be gradually cleared.”