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Debt recovery: NASS to give more powers to AMCON

Debt recovery: NASS to give more powers to AMCON

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The Chairman of the House of Representatives Committee on Banking and Currency, Jones Onyereri, says the House is currently working at amending the Act establishing the Asset Management Corporation of Nigeria.

He said the proposed amendment would further empower AMCON to go after its debtors especially those taking advantage of the loopholes in the Act to perpetually engage the agency in court.

Onyereri made the disclosure in Abuja during a one-day technical session, the agency said in a statement on Sunday,

The session had in attendance stakeholders including the Central Bank of Nigeria, Nigeria Insurance Deposit Corporation, members of the House Committee on Banking and Currency; and AMCON’s management.

The committee listened to presentations from the representatives of the CBN, NDIC and legal luminaries among others on how AMCON could function optimally as well as meet its mandate before sunset.

The Managing Director/Chief Executive Officer, AMCON, Mr. Ahmed Kuru, who  described his assignment at the corporation as “very difficult,”, said there was a need to change the agency’s recovery approach with the backing of the National Assembly.

He said this was essential as the remaining crop of AMCON debtors were defiant, recalcitrant and business heavyweights, who have the financial wherewithal to repay their debts but refused to pay.

Kuru said, “We have been doing this for the past seven years and we have realised that what we need now at this time in the life of AMCON is legislative help that would make it possible to recover these debts effectively and efficiently. “At AMCON, we believe that the Act establishing the corporation can be amended as many times as possible by the National Assembly as long as they think it is appropriate to do so in the interest of the Nigerian economy.

He added, “Given the difficulties we are facing presently, we are of the opinion that the Act establishing AMCON should be amended to reflect our sunset period.

“We are making this suggestion because we have over the years realised that some of our obligors have since established another lifestyle that are different from what brought them to AMCON so the best we can do as a law abiding agency of the government is take them to court.

Kuru further explained, “But the wheel of justice grinds slowly in the country so something drastic must be done if we all want AMCON to meet its mandate at sunset. So we suggest that the National Assembly amends the Act establishing AMCON in such a way that the assets of the obligor(s) are automatically transferred to AMCON. From what we know, some of the obligors are working hard to ensure that the cases they have with AMCON in different courts outlives the lifespan of AMCON.”

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