The senate committee on banking,
insurance and other financial institutions says the Assets Management
Corporation of Nigeria (AMCON) should compile and publish the names of debtors.
Speaking on Thursday at the
opening of a 2-day retreat at Intercontinental Hotel in Lagos, Rafiu Adebayo
Ibrahim, chairman of the committee, said this allows Nigerians know the people
holding the economy to ransom.
The senator said these people
account for 80% of AMCON’s N4.8 trillion.
He proposed that AMCON partner
with the ministry of finance, Central Bank of Nigeria and the office of the
attorney general of the federation so the president issues an executive order
on seizing assets of debtors.
Ibrahim said the senate will
amend the AMCON act so it has legislative support to achieve its aim.
In his presentation, Ahmed Kuru,
AMCON CEO, said it is doubtful that the federal government can afford to cover
AMCON’s debt in the short term.
“One of the major areas for
amendment is the matter of vesting proprietary interest of all collateral
assets acquired by AMCON from commercial banks,” he said.
“Our second challenge has to do
with the disposal of assets due to the economic downturn. AMCON’s current
assets under management (AUM), that is assets obtained from debt resolution,
has a book value of N182 billion, which we are unable to sell.
“Our ability to successfully
divest these assets, at competitive market price, is severely hampered by
several factors including valuation methodology, unperfected title documents,
state of the economy, purchasing power.”
Kuru said AMCON has in the past seven
years exhausted the low hanging fruits and have had to roll up sleeves for a
drawn out battle because it has become harder to get obligors to settle their
debts.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com