In a strong push to reclaim outstanding debts, the Chairman of the House of Representatives Committee on Banking and Ancillary Institutions, Eze Nwachukwu Eze, has called for an intensified nationwide effort to support the Asset Management Corporation of Nigeria (AMCON) in its debt recovery mandate. Speaking at a weekend retreat in Enugu, Eze emphasized the urgent need for all federal agencies to join forces in the recovery of nearly N5 trillion owed to AMCON by a select few. He stressed that the recovery of this colossal amount would not only boost the revenue of President Bola Ahmed Tinubu’s administration but also ensure the successful delivery of the promises made to Nigerians under the renewed hope agenda.
Eze, who led the committee’s retreat attended by AMCON’s leadership and management, urged the debt recovery agency, currently led by Mr. Gbenga Alade, to adopt a more forceful approach, ensuring that no obligor, regardless of status, escapes accountability. In a statement by Mr. Jude Nwauzor, AMCON’s Head of Corporate Communications, Honourable Eze reinforced that AMCON must remain undeterred by the influence or position of any debtor, and should persistently pursue their assets.
The lawmaker further highlighted that AMCON’s new leadership must face the reality of debt recovery head-on, acknowledging that the process is challenging and should not be influenced by the social standing of debtors. He added with conviction, “Even if my name appears on AMCON’s debtor list, I expect to be pursued. The success of AMCON’s mission is a collective responsibility involving all stakeholders—government bodies, financial institutions, regulatory agencies, security forces, and the private sector.”
Reflecting on the retreat’s theme, “Revitalising Asset Management for Economic Stability: Exploring Policy Changes and Legislative Support for AMCON,” Honourable Eze emphasized that revitalization transcends mere process improvements.
It necessitates a strategic overhaul of the entire operational framework, enabling AMCON to become more proactive, agile, and impactful in its interventions.
He reiterated that the Committee on Banking and Other Ancillary Institutions is committed to collaborating with AMCON and other stakeholders to ensure that the policy environment is conducive to the corporation’s goals. The overarching aim, Honourable Eze noted, is to ensure that legislative efforts support sustainable economic growth and development while equipping AMCON with the tools necessary for effective asset management.
Earlier, Mr. Lucky Adaghe, AMCON’s Executive Director of Operations, who represented the AMCON Managing Director/CEO, urged continued support from the committee. He highlighted the challenges posed by Nigeria’s current economic landscape, including high inflation and currency fluctuations, which complicate debt recovery efforts. Nonetheless, Adaghe expressed optimism that ongoing economic reforms, such as the removal of fuel subsidies and the unification of foreign exchange rates, would eventually boost debt recovery efforts by improving business conditions and increasing revenue generation.
Adaghe also lamented the tactics employed by some AMCON debtors, who exploit legal technicalities to stall proceedings. He called for the full activation of special provisions within the AMCON Act to ensure swift adjudication of cases, including designating specific AMCON judges, accelerating hearings, and issuing bench warrants for uncooperative debtors.
To bolster AMCON’s success, Adaghe urged the committee to engage with the judiciary and other stakeholders to implement these crucial reforms. Additionally, he stressed the need to extend bank contributions to the Resolution Cost Fund to ensure that AMCON’s outstanding liabilities do not become a burden on the Federal Government.
The retreat, which ran from Friday, August 16, to Sunday, August 18, 2024, also featured presentations from other key AMCON executives, including Mr. Joshua Ikioda, Group Head of Enforcement, Mr. Najib Sulaiman, Head of Strategy, and Mr. Norbert Enenmoh of the Legal Department.
