AMCON Amendment Bill ready soon, say Reps

Efforts to empower the Asset Management Corporation of Nigeria (AMCON) in its debts recovery efforts got a lift on Tuesday, as the Amendment Bill to give it a little bite will soon be presented before the lawmakers for the third reading.

The Amendment Bill seeks to empower and embolden AMCON with more powers to deliver on its debt recovery mandate, a task that had proved herculean against a deluge litigations instituted by chronic debtors to frustrate efforts of the Corporation.

The Chairman, House of Representatives Committee on Banking and Currency, Hon. Jones Chukwudi Onyereri, who disclosed this Tuesday evening in Abuja, said the bill will be presented to the lower chamber within the next one or two weeks.

Onyereri made the declaration when he led other committee members on a routine oversight function to the AMCON Corporate Head Office in Maitama, in line with constitutional provision to review agencies budget performance within the financial year. 

“We have thoroughly reviewed the 2018 budget performance of the corporation vis-à-vis what was approved for them. The committee is satisfied with the performance, which would also help the committee make projections and also provide guidance as the case may be against their 2019 budget,” he asserted.

After a grilling session following AMCON 2018 budget performance presentation by the Managing Director/Chief Executive Officer, AMCON, Ahmed Lawan Kuru, the lawmaker, reaffirmed the House commitment to supporting AMCON recover the huge outstanding debts in the hands of a few recalcitrant obligors.

Expatiating on the legislative process, Onyereri said after the third reading, the bill would be moved to the Senate for final deliberation.

He noted that AMCON would require the support of other government agencies, to enable it deliver on its mandate to recover over N5.4 trillion outstanding debts.  

Kuru in his remark, had described the Committee’s visit as a good feedback mechanism, which had over the years afforded AMCON the opportunity to rub minds with the legislators as well as draw from the wisdom of the lawmakers to efficiently and effectively pilot the affairs of AMCON.

He, however, assured the lawmakers that AMCON’s current management will remain prudent, and would continue to persevere in the face of adversity posed by Nigeria’s difficult socio-political and economic realities.