House of Reps urge support for AMCON

• Agency raises the alarm over obligors ‘rascality’

The need to help the Asset Management Corporation of Nigeria (AMCON) to recover huge debts from debtors has also been linked to support for economic recovery.

The Chairman of House of Representatives Committee on Banking and Currency, Sir Jones Chukwudi Onyereri, made the remark yesterday, in Sokoto State.

According to him, there is the need for all institutions that want to see Nigeria get out of the current economic situation in the country to support the effort of the AMCON to resolve the huge debt it carries, adding that its resolution was capable of rebounding the economy.

The lawmakers are in Sokoto State for a three-day retreat with the theme: “Capacity Building for Members of the Committee on the Emerging Issues in the Financial Sector and Banking Industry,” taking into consideration the current development in the country as it relates to AMCON’s efforts in loan recovery.

Onyereri, while addressing his colleagues and the management of AMCON, said the gathering was timely as it reminds and reiterates the enormous task that AMCON faces in its debt recovery efforts.

The task, he noted, has become tedious especially in the face of the current state of the economy.

He said the gathering was also to find out what the committee can do to help the corporation and the nation.

“The problem we are currently facing are not just monetary policy issues; they are equally fiscal policy issues. Therefore, there is need to have a convergence of both and the establishment of the Financial Services Commission that will create an avenue where both of them can work together to get us out of our present situation.

“The current economic problem makes their (AMCON) job harder, but that notwithstanding, every debtor is obliged to pay their debt. AMCON therefore, needs any assistance it can get in order to effectively fulfil its mandate,” he said.

The lawmaker also reminded the committee members that the retreat offers them another opportunity to further interact with AMCON for a better understanding of the challenges they are faced with and how the National Assembly can be of help to the corporation.

While promising that the committee will engage in in-depth analysis and discussions on major issues affecting AMCON and its operations, Onyereri lauded the recent introduction of Asset Management Partners (AMPs) as a bold step in the right direction in the debt recovery effort’

“At a time like this, debt recovery is a daunting and enormous task that requires you think outside of the box and come up with innovative ways of accomplishing the task within the ambits of the law.

“The collaboration with AMPs, which is a consortium of professionals with specialist’s skills in banking, legal, valuation and accounting, represents a new down in AMCON’s debt recovery efforts aimed towards strengthening the capacity for more recoveries,” he said.

He promised that as a legislature, which the committee represents, they would do their best through healthy collaboration and speedy enactment of relevant laws critical to the acceleration of stability in the financial sector in particular and sustained economic growth generally.

The Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, told the committee that he was worried with the growing rascality among obligors of AMCON, which makes it compelling for it to perpetually depend on the judiciary for meaningful recoveries.

He also informed them that AMCON was dealing with obligors that have the financial capacity to engage AMCON from court to court in their plot to evade repayment and thereby, sabotage the efforts of the Federal Government to resuscitate the economy.

Kuru said there was need for all the relevant government agencies to rally round AMCON because its failure would mean that the gains Nigeria recorded when it was created would be lost.

He however, added that with the continued support of the House, AMCON would realise its objectives.