The Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru monday told members of the House of Representatives Committee on Banking and Currency that he was disturbed by the growing rascality among obligors of the corporation.
This, he said makes it compelling for AMCON to perpetually depend on the judiciary for meaningful recoveries.
He said this at a 3-day retreat by the lawmakers in Sokoto themed: “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 efforts in loan recovery.”
A statement monday quoted the AMCON boss to have also said the corporation was dealing with obligors that have the financial capacity to engage AMCON from court to court in their plot to evade repayment and thereby sabotaging the effort of the federal government to resuscitate the economy.
Kuru said there was need for all the relevant government agencies to rally round AMCON because the failure of AMCON would mean that the gains Nigeria recorded in 2010/2011 when AMCON was created would be lost.
On his part, the Chairman of the House Committee, Hon. Jones Onyereri said there was need for all institutions that want to see Nigeria get out of the current economic situation in the country to support the effort of AMCON to resolve the huge debt it carries insisting that its resolution was capable of rebounding the economy.
Welcoming his colleagues and the management of AMCON to the retreat in Sokoto, Onyereri said the gathering was timely.
“The problem we are currently facing are not just monetary policy issues; they are equally fiscal policy issues. Therefore, there is need to be 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 chairman said.