TheCable

The senate has begun charting a fresh framework to strengthen the drive of the Asset Management Corporation of Nigeria (AMCON) in debt recovery.

This was disclosed by Rafiu Ibrahim, chairman of senate committee on Banking, Insurance and other Financial Institutions in Uyo during a three-day retreat with the theme “Economic Rebuilding through Eligible Assets Recovery”.

“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,” he said.

“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.”

The senator who said the Senate will no longer fold its arm and watch the economy of Nigeria destroyed by a few individuals that have turned themselves into monsters and economic terrorists again stated.

“We can all attest to the renewed drive towards a more focused and enhanced assets recovery and management approach under the new dispensation as evidenced by the recent strides of AMCON in recovering eligible assets from debtors.

“This underscores the important position that AMCON occupies in the nation’s current economic rebuilding effort. AMCON, since its founding, has been a key stabilizing and revitalizing force in the Nigerian financial system and requires vital support from the legislature to achieve its statutory objectives.”

Earlier in his remarks, Ahmed Kuru, managing director/chief executive officer of AMCON, “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 of 2013 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.”