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Kuru submits list of top 1,000 AMCON debtors to N’Assembly

The Asset Management Corporation of Nigeria (AMCON), has submitted a list containing its top 1,000 obligors to the National Assembly, the corporation said in a press release yesterday. According to the statement, AMCON handed the list over to members of the House of Representatives Committee on Banking and Currency at the just concluded retreat of the committee in Lagos. It said the list was given to the committee a few hours after President Muhammadu Buhari signed into law the Asset Management Corporation of Nigeria (Amendment) Act, amending the AMCON Act No.4, 2010.

The AMCON Act provides for the extension of the tenor of the Resolution Cost Fund (RCF) and grants access to the Special Tribunal established by the Banks and other Financial Institutions Act 2020, which confers on AMCON the power to among others… “to take possession,manage, foreclose or sell, transfer, assign or otherwise deal with the asset or property used as security for Eligible Bank Assets (EBAs), and related matters.’’

The Chairman of the House of Representatives Committee on Banking and Currency, Victor Nwokolo, while receiving the list from the Managing Director/Chief Executive Officer of the Corporation, Mr Ahmed Lawan Kuru, said the Committee called for the list so that the National Assembly would know those that are holding the country to ransom, to enable them meet with relevant agencies of the Federal Government on how to further deal with the debtors so as to ensure that AMCON realised its mandate in the overall interest of the Nigeria economy. Nwokolo who commended the commitment of the Kuru-led agency said that AMCON has been operating under very difficult conditions since its establishment, which he stated, has been made worse by the coming of the coronavi- rus (COVID-19) pandemic.

He said the harsh economic realities caused by COVID-19 meant that the recovery assignment AMCON is doing for the country has been further compounded, which is why the National Assembly is looking at ways of further supporting the recoverydrive of the corporation. Nwokolo, who further disclosed that the National Assembly is considering punitive measures in dealing with those whose names made the top 1,000 AMCON debtors’ list, however, said he was happy that President Buhari has just signed the Amended AMCON Act into Law because it will help AMCON to recover the huge outstanding debt, which will ensure that the aim of the Federal Government of Nigeria in setting up the corporation in 2010 is not defeated.

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