In a commitment to address Nigeria’s economic challenges, Hon. Eze Nwachukwu Eze, Chairman of the House of Representatives Committee on Banking, pledges to enhance the legislative framework supporting institutions like the Asset Management Corporation of Nigeria (AMCON).
Ensuring transparency and efficiency in AMCON’s recovery mandate is crucial for navigating Nigeria’s financial landscape.
In the scenic setting of Enugu, Hon. Eze inaugurated the first 10th House of Representatives Committee’s retreat, delving into the theme, “Navigating Nigeria’s Financial Ecosystem for a Sustainable Future: The Role of AMCON.”
Recognizing the pivotal role of the banking industry in economic stability, Hon. Eze emphasized the significance of AMCON in managing distressed assets and contributing to financial stability.
AMCON, established in 2010, emerged as a crucial player in maintaining financial stability amidst challenges posed by non-performing loans.
As a rescue boat preventing the ship of the financial system from sinking, AMCON has been a key factor in fostering investor confidence.
Hon. Eze stressed the importance of collaborative efforts between the National Assembly and AMCON to enact policies ensuring the Corporation’s efficient and transparent execution of its mandate.
Hon. Eze expressed the Committee’s commitment to providing a conducive environment for AMCON to thrive.
Acknowledging the challenges faced by the Corporation, he highlighted the need for strategic initiatives to enhance AMCON’s role in ensuring a sustainable financial future for Nigeria.
The upcoming bankers’ summit, supported by the 10th National Assembly, aims to unravel the complexities of the financial sector.
During the retreat, Hon. Eze urged AMCON to participate in the summit by revealing the full list of the top 350 debtors responsible for destabilizing the financial system.
This transparent disclosure, he emphasized, would create the necessary political will to pursue these debtors and address the issues at hand.
Mr Ahmed Lawan Kuru OFR, Managing Director/Chief Executive Officer of AMCON, highlighted the Corporation’s honour in attending the retreat.
Despite challenges in debt recovery, AMCON has successfully recovered a substantial sum of N1.8 trillion.
Kuru emphasized the need to streamline the litigation process, as AMCON currently faces over 2000 cases in various courts.
Kuru shed light on the legal hurdles obligors exploit, necessitating amendments to AMCON’s Act.
He stressed the importance of the Committee’s support, as AMCON relies on special powers that require collaboration with the judiciary.