{"id":89514,"date":"2021-12-03T20:36:53","date_gmt":"2021-12-03T19:36:53","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=89514"},"modified":"2021-12-03T20:36:53","modified_gmt":"2021-12-03T19:36:53","slug":"350-nigerians-frustrating-amcons-n4-4tn-debt-recovery-efforts-senate","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/350-nigerians-frustrating-amcons-n4-4tn-debt-recovery-efforts-senate\/","title":{"rendered":"350 Nigerians frustrating AMCON\u2019s N4.4tn debt recovery efforts \u2014Senate"},"content":{"rendered":"
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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.<\/div>\n
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\nChairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, stated this on Friday at a stakeholders symposium.<\/p>\n

The symposium was titled, \u201cConsolidating the effectiveness of the asset recovery model adopted by AMCON\u201d held in Abuja.<\/p>\n

Sani said, \u201cThe 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.<\/p>\n

\u201cFrom 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.<\/p>\n

\u201cThis is very worrisome. This means that powerful Nigerians are the ones not willing to pay these loans.<\/p>\n

\u201cThey have been employing different strategies and tactics to stall the repayment of loans running into trillions of Naira.<\/p>\n

\u201cA 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.<\/p>\n

\u201cBut unfortunately, from what is happening, AMCON is finding it very difficult because those people are highly placed Nigerians, they try to frustrate AMCON\u2019s effort through the judiciary and that is what we are looking.\u201d<\/p>\n

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.<\/p>\n

He said, \u201cIt 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.<\/p>\n

\u201cUnfortunately, 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.\u201d<\/p>\n

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.<\/p><\/div>\n

\nHe said the development would further enhance the corporation\u2019s recovery powers in many aspects.<\/p>\n

He added that the corporation has so far recovered over N1.4 trn from debtors.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Also, the Managing Director Nigeria Deposit Insurance Corporation, Mr Bello Hassan said
\ngovernment was keen to provide confidence in the financial system.<\/p>\n

This, he said was by putting in place financial safety net to promote financial system stability and support economic growth and development.<\/p>\n

\u201cThe NDIC has taken important steps at ensuring safety of the Nigerian banks and protection of depositors, in line with its mandate.<\/p>\n

\u201cThe 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,\u201d he added.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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,…<\/p>\n","protected":false},"author":1,"featured_media":89515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-89514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n350 Nigerians frustrating AMCON\u2019s N4.4tn debt recovery efforts \u2014Senate - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/350-nigerians-frustrating-amcons-n4-4tn-debt-recovery-efforts-senate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"350 Nigerians frustrating AMCON\u2019s N4.4tn debt recovery efforts \u2014Senate - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"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. 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