The Senate has directed the Asset Management Corporation of Nigeria (AMCON) to publish the full list of its bad debtors in order to draw national attention to the menace of bad loans and its impact on the national economy.
Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani said the Senate, through his committee is directing the management of AMCON to again publish the full list of AMCON obligors in daily newspapers “so that Nigerians will know those that have played leading roles in destroying the economy of this great country.
He also kicked against the refusal of the aviation ministry to grant final Air Operating Certificate (AOC) for NG Eagle takeoff.
According to him, the Senate is not happy that certain agencies of government are working at cross-purposes. This, he stated, is not in the overall interest of the Nigerian economy.
Sani, who spoke yesterday in Niger State, said the upper chamber was particularly not happy with the aviation ministry whom he accused of frustrating the efforts of the Asset Management Corporation of Nigeria (AMCON).
He said that AMCON has scaled all huddles that are required by law to set up a new airline tagged NG Eagle, but are being denied the final Air Operating Certificate (AOC) to enable the new airline to commence scheduled operations.
AMCON’s intervention in Arik Air Limited in February of 2017 was supported by the Ministry of Aviation to prevent imminent collapse of another Nigerian airline, especially one that controlled over 60% of the domestic Air transportation in the country amongst other public concerns. The intervention was necessary at that time for the continued existence of the airline.
AMCON said it was setting up NG Eagle as strategic exit from its aviation portfolio. The concerned airlines owed over N300 billion, and all funds injected into the airlines pre, and post receivership have not yielded any positive repayment result.
AMCON therefore opted for a strategic exit from its aviation portfolio through NG Eagle, creating an unencumbered and brand-new airline that would be easier to dispose profitably.
In his welcome address, Kuru explained that “AMCON getting involved in the airline is not from a recovery perspective, but from a national duty perspective to ensure that the airline continued to operate given its strategic importance in the aviation sector at that time.
“After intervention by AMCON, the airline continued to meet its obligations particularly that of the Aviation Ministry. The airline has so far remitted over N12 billion as ongoing obligations to the ministry. The Corporation also do realize that at certain point in time it must prepare an exit strategy from all its aviation portfolio, and based on advice, decided to set up NG Eagle through the process of certification by Nigerian Civil Aviation Authority (NCAA).
“It was a very vigorous process that took us more than two years. Ultimately, we were able to meet all the requirements including getting three aircrafts branded (they are currently at the Murtala Muhammed Airport in Lagos, branded as NG Eagle) and ready for operation but we are being frustrated.”
