Chairman of the House of Representatives Committee on Banking & Ancillary Institutions, Honourable Eze Nwachukwu Eze, emphasized the need for the Asset Management Corporation of Nigeria (AMCON) to aggressively pursue its debtors to recover nearly N5 trillion owed. This recovery, according to Eze, would significantly boost the country’s revenue and support the current administration.
During a retreat in Enugu attended by AMCON’s leadership, Eze urged the agency to adopt a more aggressive strategy and not allow a few obligors to escape accountability. He emphasized the importance of collective efforts from all stakeholders, including government bodies, financial institutions, and regulatory agencies, to ensure AMCON’s success.
The retreat’s theme, “Revitalising Asset Management for Economic Stability,” highlighted the complexity of managing distressed assets and the necessity for robust policies and legislative support. The Executive Director of Operations at AMCON, Mr. Lucky Adaghe, echoed the importance of continued support from the committee amidst economic challenges that impact debt recovery efforts.
AMCON faces obstacles in recovery efforts due to legal technicalities exploited by obligors, prompting the agency to seek collaboration with the judiciary and stakeholders for effective implementation of the AMCON Act. The support of the House Committee is crucial in driving legislative changes to enhance AMCON’s ability to fulfill its mandate effectively.
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