N5tn debts: Senate, AMCON move against VIP defaulters

Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani has said that the committee had resolved to join hands with the Asset Management Corporation of Nigeria (AMCON) to push for the recovery of N5 trillion debts owed by high profile Nigerians. He said this on Friday in Kaduna State in a signed statement.

Sani said the decision was part of the outcome of the retreat organised by AMCON for the committee, which held in Kaduna, the state capital.

He expressed concern over the debt profile of the AMCON, noting that the committee would liaise with other agencies to ensure the recovery of the debts.

The lawmaker representing Kaduna Central at the Senate described as troubling and unacceptable that after sinking trillions of Naira into taking over non-performing loan assets of banks, the AMCON could only boast of N800 billion assets as of the moment.

According to him, the committee which he chaired, resolved to confront the AMCON problem frontally.

He also said part of the steps to be taken by the committee towards successful debt recovery would include engaging with “the executive, judiciary and civil society to fashion out a workable strategy to fast-track this recovery of Nigeria’s loan assets.”

Other steps, according to the Chairman, includes “Inviting  the founding fathers of AMCON to rub minds with our committee on the rationale for committing such incredible amount of resources to debts incurred by Nigerians who have shown scant regard for majority of their countrymen and women and are not committed to growth and development of our economy.”

Sani said, “After sinking humongous Nigerian resources to the tune of N4 trillion into taking over non-performing loan assets of banks, AMCON today only boasts of N800 billion in assets.

“This is clearly unacceptable and the committee has resolved to confront the AMCON problem frontally as the institution has become a huge drain on the national economy.

“The committee also frowned at a situation where only 350 well-heeled Nigerians account for about 70% of the non-performing loans which have remained a source of instability in our financial system.

“The committee, however, commends President Muhammadu Buhari for setting up a task force for the recovery of the over N5 trillion debts owed AMCON and signing into law the AMCON (Amendment) Act 2019 which gave sweeping powers to the corporation to monitor activities of the Nigerian debtors to ensure they do not unduly take advantage of the weakness in the country’s banking systems.

“The committee declares its resolve to close ranks with AMCON in the compilation of a comprehensive list of Nigeria’s high-profile debtors and proceed to publish without delay, their names, except the persons in question, commence immediate repayment of their loans.”