The Senate on Friday lamented that efforts to recover the
N4.5trn owed the Asset Management Corporation of Nigeria were being frustrated
by 350 prominent Nigerians.
Chairman, Senate Committee on Banking, Insurance and other
Financial Institutions, Senator Uba Sani, stated this on Friday at a
stakeholders symposium.
The symposium was titled, “Consolidating the effectiveness
of the asset recovery model adopted by AMCON” held in Abuja.
Sani said, “The road has not always been smooth for AMCON.
For a long time, AMCON has been at the receiving end of well laid and
orchestrated acts of economic sabotage.
“From the N4.4 trn we are trying to recover, about 350
people in this country are responsible. This is about 83 per cent of the debt.
“This is very worrisome. This means that powerful Nigerians
are the ones not willing to pay these loans.
“They have been employing different strategies and tactics
to stall the repayment of loans running into trillions of Naira.
“A lot of highly placed Nigerians are not willing to support
AMCON because most of those people are the ones that have taken this money from
the banks and of course you know the government came in to set up AMCON to safe
banks from getting down.
“But unfortunately, from what is happening, AMCON is finding
it very difficult because those people are highly placed Nigerians, they try to
frustrate AMCON’s effort through the judiciary and that is what we are
looking.”
Sani assured the agency that his committee with other
relevant committees of the senate would do everything within their power to
assist AMCON in recovering the N4.4 trn owed the company.
He said, “It is tax payers money which the government used
to bail out banks; of course to try to support the financial sector not to go
down.
“Unfortunately, they are facing a lot frustration. We will
do our best in the interest of our country and protecting the economy of this
country and to support AMCON to succeed.”
The Managing Director of AMCON, Alhaji Ahmed Kuru commended
the President, Major General Muhammadu Buhari (retd.), for passing the AMCON
2021 Amendment Bill into law.
He said the development would further enhance the
corporation’s recovery powers in many aspects.
He added that the corporation has so far recovered over N1.4
trn from debtors.
He said details of the recovery included which cash of
N665bn; property forfeiture N278bn; disposed assets N141bn; share forfeiture
N139bn and other strategic assets N207bn.
On other challenges faced by the corporation, Kuru said that
the slow pace of court processes and sometimes conflicting orders by the
courts, frustrated recovery process.
He further said that the Judiciary must be encouraged to
respect the provisions of the law that required them to fast-track cases before
them and issue certificate of judgement on property.
Also, the Managing Director Nigeria Deposit Insurance
Corporation, Mr Bello Hassan said
government was keen to provide confidence in the financial
system.
This, he said was by putting in place financial safety net
to promote financial system stability and support economic growth and
development.
“The NDIC has taken important steps at ensuring safety of
the Nigerian banks and protection of depositors, in line with its mandate.
“The Corporation had commenced supervisory measures for
digital banks, as well as the enhancement of existing consumer protection
measures, especially as regards digital deposit, through enhanced collaboration
with other safety net players,” he added
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