The Senate Committee on Banking, Insurance and Other Financial Institutions which I chair held a retreat at Bafra Hotel, Kaduna yesterday, November 20, 2019.
The retreat which was organized by the Asset Management Corporation of Nigeria (AMCON) brought together distinguished members of the Senate Committee on Banking, Insurance & Other Financial Institutions, top management and staff of AMCON, as well as supporting staff of the Committee.
The Committee commended AMCON for organizing the retreat and assured it of its support and cooperation towards realizing its mandate.
Discussions at the retreat were robust, frank, incisive and insightful. Participants took historical excursion into the establishment of AMCON, its contributions to financial stability, and the huge challenges confronting it.
The mounting debt profile of AMCON after sinking humongous Nigerian resources to the tune of N4trillion into taking over non-performing loan assets of banks, AMCON today only boasts of N800billion assets. This is clearly unacceptable. We as a Committee are resolved to confront the AMCON problem frontally because institution has become a huge drain on the national economy.
The Committee also resolved to engage with the Executive, Judiciary and Civil Society to fashion workable strategies and measures to fast – track the recovery of Nigeria’s loan assets.
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