Senate to strengthen AMCON’s debt recovery capacity

The Chairman of Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim, yesterday in Uyo, Cross River State, restated the commitment of the Senate and Asset Management Corporation of Nigeria (AMCON), to build strategic collaborations that would develop greater capacity for debt recovery and sustained development of the country.

Speaking on a 3-day retreat to deliberate on the best approaches to be adopted to boost productivity in the nation’s economy, with the theme ‘Economic Rebuilding through Eligible Assets Recovery’, Ibrahim said the upper legislative chamber would no longer fold its arms and watch the economy of Nigeria destroyed by a few individuals that have turned themselves into monsters and economic terrorists.

“We can all attest to the renewed drive towards a more focused and enhanced assets recovery and management approach under the new dispensation as evidenced by the recent strides of AMCON in recovering eligible assets from debtors.

“This underscores the important position that AMCON occupies in the nation’s current economic rebuilding effort.

AMCON, since its founding, has been a key stabilising and revitalizing force in the Nigerian financial system and requires vital support from the legislature to achieve its statutory objectives”, he said.

He also reiterated that it is the responsibility of the Senate to support AMCON to succeed and reassured Nigerians that time would soon run out on AMCON obligors especially when the Senate begins the application of its new strategies, which will empower and embolden all agencies of government.

Welcoming his colleagues to the retreat, the lawmaker, who commended Corporation’s management for their renewed drive towards the recovery of the huge debt owed it and the Federal Government by a few obligors, said that the gathering was timely because the entire hallowed upper legislative chamber is fully committed to helping in stabilizing the economy of Nigeria, which is presently challenged.

He, however, said that the Senate Committee would not achieve its set objectives without collaborating with key institutions of government like AMCON.

According to him, the retreat is in keeping with the Committee’s mandate to build strategic collaborations in order to develop greater capacity for sustained development.

“It is my expectation that at the end of the day, this committee will have identified new legislative support frameworks for AMCON where necessary, as well as more efficient ways to consolidate on already existing support legislations and frameworks so that AMCON can be strategically positioned to optimally perform its uniquely important responsibility of asset recovery and management, “the senator said.

(The Nation)