Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani hinted that the committee will cooperate the Asset Management Corporation of Nigeria to publish names of high profile debtors in an effort to facilitate the recovery of over N5 trillion debt owed the corporation.
Sani, according to a release in Kaduna, made available to newsmen, 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.”
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.