The Chairman of the House of Representatives Committee on Banking and Ancillary Institutions, Eze Nwachukwu Eze, has urged the Asset Management Corporation of Nigeria (AMCON) to adopt a more aggressive approach in recovering debts, regardless of the debtors’ status.
Eze emphasized the importance of federal agencies joining the debt recovery drive, noting that recovering nearly N5 trillion owed to AMCON by a few debtors would significantly boost the revenue of President Bola Ahmed Tinubu’s administration. This, in turn, would help deliver on the promises made to Nigerians.
He highlighted that the Gbenga Alade-led AMCON must be relentless in its recovery strategy, ensuring that no debtor, regardless of their status, escapes accountability. “The new AMCON management has to face the reality of debt recovery, which is not easy, and must not consider the social status of obligors in carrying out enforcement actions. In fact, even if you find my name on the list of AMCON obligors, please come after me,” Eze stated.
Eze further explained that AMCON’s mandate requires the concerted efforts of all stakeholders, including the government, financial institutions, regulatory bodies, security agencies, and the private sector. He emphasized the need for strategic adjustments to enable AMCON to be more proactive, agile, and effective in its interventions.
He noted, “The economic landscape is evolving rapidly. Global and domestic challenges require us to reassess our strategies and adapt to new realities. Retreats such as this present us with an opportunity to reflect on AMCON’s journey so far, identify areas for improvement, and align our efforts towards ensuring that the Corporation continues to be a key player in our nation’s economic stability.”
Eze stressed the complexity of managing distressed assets, which necessitates robust policies, innovative approaches, and unwavering legislative backing. He assured that the Committee on Banking and Other Ancillary Institutions is committed to working closely with AMCON and other stakeholders to ensure a supportive policy framework.
“As lawmakers, it is our responsibility to provide the legal infrastructure that enables AMCON to fulfill its mandate effectively. This includes reviewing existing laws, proposing new legislative measures, and ensuring that AMCON has the necessary tools to navigate the complexities of asset management,” Eze concluded.
