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House of Reps Committee pledges legislative support for AMCON’s effective operation

Chairman Eze Nwachukwu Emphasizes Collaboration to Enhance AMCON's Recovery Mandate and Financial Stability

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During the first retreat with the management of the Asset Management Corporation of Nigeria (AMCON), Hon. Eze Nwachukwu Eze, Chairman of the House of Representatives Committee on Banking and Other Ancillary Institutions, assured that the 10th National Assembly is committed to ensuring that legislative frameworks support institutions like AMCON. The theme of the retreat, held in Enugu, was “Navigating Nigeria’s Financial Ecosystem for a Sustainable Future: The Role of AMCON.”

In his address, Hon. Eze stated, “Our nation stands at a critical juncture in its economic development, and the financial sector plays a pivotal role in shaping the trajectory of our economic future.” He highlighted the importance of a robust financial system and acknowledged AMCON’s key role in ensuring stability and sustainability.

Eze emphasized the need for collaboration between the National Assembly and AMCON to develop and implement policies that enhance the corporation’s capacity to carry out its mandate efficiently and transparently. He declared, “The House of Representatives Committee on Banking and Ancillary Institutions is committed to fostering a conducive environment for AMCON to carry out its mandate effectively.”

Highlighting the challenges faced by AMCON, Eze compared the corporation to a “rescue boat” working to prevent the financial system from sinking. He commended the visionary leadership that established AMCON in 2010 and expressed gratitude for the current management, led by Mr. Ahmed Lawan Kuru, OFR.

Eze revealed plans for a bankers’ summit, where AMCON would be invited to make presentations and release the full list of the top 350 debtors who have impacted the financial system negatively. He stressed the importance of political willpower to pursue these debtors.

In response, the Managing Director and Chief Executive Officer of AMCON, Mr. Ahmed Lawan Kuru, OFR, acknowledged the honor of attending the retreat with the 10th House of Representatives Committee. Kuru provided a historical background of AMCON’s establishment in 2010 and shared that the corporation had recovered N1.8 trillion to date, despite challenges in debt recovery.

Kuru urged the House Committee to explore ways to expedite the recovery process, highlighting that most activities involve litigation. He emphasized the importance of legislative support and the exercise of special powers granted to AMCON for effective operation

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