Would you like to receive notifications on latest updates of the following headlines?

Reps Demand Trial of 350 AMCON Loan Defaulters

POSTED ON August 19, 2024 •   Politics      BY Benedicta Bassey
House of representative/ Photo credit: Premiumtimes

 

The House of Representatives Committee saddled with the responsibility on Banking and Other Ancillary Institutions has called for the establishment of a judicial task force to take a legal stand against the Asset Management Corporation of Nigeria loan defaulters.

The panel made the resolution after the Managing Director/CEO of AMCON, Mr Gbenga Alade, said out of the 12,743 loans acquired, only 350 debtors accounted for over 80 per cent of the total purchased accounts, with 246 of them currently embroiled in legal battles with the corporation.

Responding, the committee said the task force would ensure that the 350 debtors fulfil their financial obligations and contribute to the country’s economic recovery.

The Chairman of the committee, Eze Nwachukwu, stated this on Sunday, during an interview at the ongoing 2024 retreat of the committee with AMCON in Enugu.

He expressed sadness over the 350 Nigerian obligors withholding collective resources and constraining the nation’s economy.

Nwachukwu stressed the need for urgent action, stating, “We can’t fold our arms and watch them walk away with our collective resources.

“We have the list of these obligors and will come up with a resolution to address the challenges AMCON faces, including the establishment of a judicial task force to speed up the recovery of debts.

"We can’t continue to sit back and watch these obligors walk away while the country suffers economic hardship.”

Earlier in his address, Nwachukwu said AMCON was established at a time when the nation faced significant economic challenges.

He noted, “Over the years, AMCON has made commendable strides in fulfilling its mandate, contributing to the resilience of our banking sector and, by extension, the broader economy.

“However, as we look to the future, we recognise that the economic landscape is evolving rapidly. Global and domestic challenges require us to reassess our strategies and adapt to new realities.

“This retreat presents an opportune moment to reflect on AMCON’s journey so far, to identify areas where we can enhance its capacity, and to align our efforts towards ensuring that the corporation continues to be a key player in our nation’s economic stability."

Nwachukwu said the theme of the retreat, 'Revitalising asset management for economic stability: exploring policy changes and legislative support for AMCON,” was not only timely but also critically important.

He further said, “The task of managing distressed assets is complex, requiring robust policies, innovative approaches, and unwavering legislative backing.

"Despite the challenges, the AMCON boss, represented by Mr Lucky Adaghe at the event, said the corporation had contributed 34 per cent to the funding plan as of December 2023, with the remaining 66 per cent coming from cash redemptions, bond sinking funds, and contributions from banks and the Central Bank of Nigeria.

“Out of the 12,743 loans purchased, only 350 obligors constitute more than 80 per cent of the total purchased accounts. Out of the 350 obligors, about 246 are in various courts with us. This has continued to pose a major recovery challenge to the corporation.

“Obligors hide under legal technicalities to tie AMCON in courts, exploring the loopholes in the statutes and the legal system.”

READ ALSO
Tinubu Orders Urgent Repairs on Flood-Damaged Bridge in Mokwa
BY Abiodun Saheed Omodara June 4, 2025 0

NIGER, Nigeria (NAN)- President Bola Tinubu has instructed the Federal Ministry of Works to repair t...

READ ALSO
Road Maintenance Crisis: FERMA Requires N880 Billion Yearly Amid Budget Shortfalls
BY Abiodun Saheed Omodara June 3, 2025 0

ABUJA, Nigeria - The Federal Government needs approximately N880 billion each year for the upkeep of...

READ ALSO
PDP Leaders Slam Minister for Backing Tinubu's 2027 Campaign
BY Abiodun Saheed Omodara June 3, 2025 0

The People’s Democratic Party (PDP), New Nigeria Peoples Party (NNPP), Coalition of United Pol...

READ ALSO
Natasha Akpoti-Uduaghan Set to Appear in Court as F G Files Defamation Charges
BY Abiodun Saheed Omodara June 2, 2025 0

The suspended senator for Kogi Central Senatorial District, Natasha Akpoti-Uduaghan, is scheduled to...

READ ALSO
Sanusi, El-Rufai, and Yusuf Discuss Nigeria's Poverty and Governance
BY Abiodun Saheed Omodara June 1, 2025 0

ABUJA, Nigeria - Sanusi Lamido Sanusi, the Emir of Kano and ex-Governor of the Central Bank of Niger...

READ ALSO
Cabinet Reshuffle Looms: President Tinubu Set to Announce Changes Post-Eid
BY Abiodun Saheed Omodara June 1, 2025 0

If everything goes smoothly, President Bola Tinubu is expected to announce his cabinet members who w...

READ ALSO
Tinubu Commits to Collaborative Efforts with AfDB's New Leadership, Congratulate Sidi Tah
BY Abiodun Saheed Omodara May 30, 2025 0

President Bola Tinubu has praised the election of Sidi Tah as the ninth president of the African Dev...

READ ALSO
Oshiomhole, Sowore Clashes Over Nigeria's democracy
BY Abiodun Saheed Omodara May 29, 2025 0

The 2023 Presidential Candidate for the African Action Congress, Omoyele Sowore, and the Senator for...

OUR CHANNELS:

NEMA Mobilizes Teams to 15 States Amid Flood Warnings
BY Abiodun Saheed Omodara June 5, 2025 0

The National Emergency Management Agency (NEMA) has sent officials to 15 high-risk states to educate...


Edo Faces Diphtheria Outbreak, Two Confirmed Deaths
BY Abiodun Saheed Omodara June 5, 2025 0

EDO, Nigeria (NAN) - A diphtheria outbreak has been confirmed in Edo State, resulting in two deaths....


Tinubu Honors Bill Gates with National Award for Global Philanthropy
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - President Bola Tinubu commended Bill Gates, the co-founder of Microsoft and chairma...


Bahrain, Colombia, DRC, Latvia, and Liberia Join UN Security Council for 2026-2027 Term
BY Abiodun Saheed Omodara June 5, 2025 0

The UN General Assembly on Tuesday elected five new non-permanent members to the UN Security Council...


Tinubu Orders Urgent Repairs on Flood-Damaged Bridge in Mokwa
BY Abiodun Saheed Omodara June 5, 2025 0

NIGER, Nigeria (NAN)- President Bola Tinubu has instructed the Federal Ministry of Works to repair t...


Nigeria Needs ₦2.2 Trillion to Eliminate Cervical Cancer by 2030, Says Task Force Chair
BY Abiodun Saheed Omodara June 5, 2025 0

ABUJA, Nigeria — Nigeria will need ₦2.2 trillion to roll out comprehensive cervical cancer ini...


EFCC Charges Two Men for Posing as Fake Sureties in Illegal Mining Case
BY Abiodun Saheed Omodara June 4, 2025 0

The Economic and Financial Crimes Commission (EFCC) has charged two individuals, Shehu Abdu and Isah...


Court Sentence Scrap Seller to 12 Years for Sexual Assault of Four-Year-Old Girl
BY Abiodun Saheed Omodara June 4, 2025 0

A scrap seller, Nasiru Usman, was sentenced to 12 years in prison by an Ikeja Sexual Offences and Do...


70-Year-Old Faces Manslaughter Charges After Fatal Accident
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - A 70-year-old man, Isiaka Afolayan, has been detained for careless driving and the...


Police Arrest 49 years old Suspect for Abduction of Two-Month-Old Baby
BY Abiodun Saheed Omodara June 5, 2025 0

DELTA, Nigeria - The police in Delta reported the arrest of a suspect named Joy Temitope for the abd...


More Articles

Load more...

Menu