The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, has declared that the Senate will support the Asset Management Corporation of Nigeria (AMCON) in recovering over N5 trillion outstanding debt owed the corporation.
Sani, representing Kaduna Central, made the declaration at the commencement of the 2019 retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions, which began in Kaduna last Wednesday.
He said recovering the huge debt of AMCON has become a major burden for which the National Assembly will consider all options including the reactivating the failed bank act and at some point invite the pioneer management of AMCON under the leadership of Mustapha Chike-Obi to come and explain to Nigerians what they did during their tenure.
The Chairman also hinted that the National Assembly will continue to support AMCON by providing all legislative support including further amendment of the AMCON Act, if need be, to enable the corporation recover the huge outstanding obligation. He said the red chamber will bring up several motions that will enlighten the public on the real dangers of non-recovery of the debts to the economy.
