Sunday, September 28, 2025
24.6 C
Lagos

‘AMCON Amendment Bill on Debt Recovery Ready Soon’

R-L:Chairman of House of Representatives Committee on Banking and Currency, Hon. Sir Jones Chukwudi Onyereri; Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru and Vice Chairman, House of Representatives Committee on Banking and Currency, Hon. Salisu Ningi when the committee visited AMCON as part of its oversight function on AMCON in Abuja yesterday.

The Chairman of House of Representatives Committee on Banking and Currency, Hon. Sir Jones Chukwudi Onyereri yesterday in Abuja said the House of Representatives will in the next one or two weeks present the Asset Management Corporation of Nigeria (AMCON) Amendment Bill before the House of Representatives.

The bill is seeking to further empower and embolden AMCON with more powers to go after chronic obligors of the Corporation.

Onyereri who made the declaration when he led other members of the committee on a routine oversight function at the Corporate Head Office of AMCON in Abuja noted that House of Representatives Committee on Banking and Currency owe it a duty to Nigerians as mandated by the constitution of the Federal Republic of Nigeria to visit some of the critical institutions such as AMCON to review their budget performance within the financial year.

After a grilling session following AMCON 2018 budget performance presentation by the Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Lawan Kuru, the lawmaker, who represents the largest constituency in Imo State reaffirmed the commitment of the House of Representatives to support AMCON recover the huge outstanding debt in the hands of a few recalcitrant obligors.

Providing an insight into how exactly the House of Representatives would aide recovery in the next financial year, Hon. Onyereri said, “As speak to you now, I want to assure you that this committee, which I humbly serve as Chairman would in the next one or two weeks submit the AMCON Amendment Bill to the House of Representatives for the third reading after which it would be moved to the Senate for final deliberation. The committee has worked tirelessly to ensure that when the Bill is passed, AMCON will be further empowered to deliver on their mandate.”

AMCON, he added, remains an interventionist institution of the Federal Government, which falls under the purview of the House Committee’s oversight function. If AMCON is to deliver on their mandate by recovering the over N5.4trillion outstanding debt, the Corporation will therefore need the support and association of all other government agencies to succeed.

“We have thoroughly reviewed the 2018 budget performance of the corporation vis-à-vis what was approved for them. The committee is satisfied with the performance, which would also help the committee make projections and also provide guidance as the case may be against their 2019 budget.”

As drilling as the session was, Kuru in his remark described the oversight visit by the committee as a good feedback mechanism, which has over the years afforded AMCON the opportunity to rub minds with the legislature as well as draw from the wisdom of the lawmakers to efficiently and effectively pilot the affairs of AMCON.

He however assured the lawmakers that the current management of AMCON under his leadership will continually remain prudent just as it would continue to persevere in the face of adversity posed by the difficult socio-political and economic realities in the country.

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

Huawei Revenue Jumps 40% in First Half of 2016

China's Huawei has reported a 40 percent rise in...

…Ecobank Raises Remuneration of EDs by 9% after Sack of Workers

Meanwhile, in its annual report, Ecobank revealed that while...

NNPC Posts N3.3tn Net Profit, Declares N2.1tn Dividend

L-R: Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas...

ITU Telecom World 2015 Accelerates Global ICT Innovation

ITU Telecom World 2015 closed its doors at Hungexpo, Budapest following an exceptional week of dialogue, debate, networking and showcasing. The event, which welcomed over 4,000 participants from 129 countries, brought together an impressive line-up of top-level government representatives, leaders of industry – from established players to SMEs (small and medium enterprises) and young start-ups, from emerging and developed markets – along with high-level representatives of international organisations, entrepreneurs, accelerators, incubators and academia.

Right of Way: The Ekiti State Example

By Elvis Eromosele Many things in Nigeria appear unfixable. Things...

NCC, Lottery Commission Renews MoU on Gaming Industry

The Nigerian Communications Commission (NCC) has signed a revised...

Leadway Health, NUPENG Partner to Provide Comprehensive Health Insurance for 5,000 Tanker Drivers

  L-R: President, Nigerian Association of Road Transport Owners (NARTO),...

Law Union & Rock Insurance Reports N4.2bn Premium in 2017

Law Union & Rock Insurance Plc, one of the...
spot_img

Related Articles

Popular Categories

spot_imgspot_img