Sola Ojo, Kaduna
Chairman, Senate Committee on Banking Insurance and other Financial Institutions, Senator Uba Sani, on Saturday revealed how his committee and the Asset Management Corporation of Nigeria (AMCON) uncovered strategies and tactics being employed by debtors to stall the repayment of loans.
One of those tactics he said, was deliberate attempt to drag court cases for many years where AMCON remained at the receiving end.
The lawmaker in a state on Saturday after a retreat by his committee and AMCON in Abuja on Friday said, “AMCON has remained at the receiving end of these well-laid and orchestrated acts of economic sabotage”.
Sani, who represents Kaduna Central said, the Abuja retreat provided a window of opportunity for the committee and AMCON to brainstorm on key issues and concerns in maintaining the continued stability of the financial sector, particularly the banking industry.
To him, the retreat also addressed the continued reduction of the high rate of Non-performing Loans (NPLs) as well the challenges of AMCON, notably policies and procedures, implementation strategies and assets recovery during COVID-19 pandemic.
The lawmaker said that participants went the extra mile by taking a critical look at how COVID-19 has impacted on AMCON and measures that must be put in place to reposition the strategic institution to effectively play its role in helping to stabilize the financial sector in Nigeria.
The Senator revealed that the management of AMCON also made a passionate appeal to the National Assembly to evolve key legislative interventions to strengthen the institution and make assets recovery less cumbersome.
“AMCON expressed delight at the passage by the Senate of the Bill for an Act to Repeal the Banks and Other Financial Institutions Act and to Re-enact the Banks and Other Financial Institutions Act and Other Matters Connected Therewith, 2020.
“AMCON strongly believes that the provision for a Loan/Credit Tribunal will assist AMCON in its loans recovery efforts.
“The retreat came up with actionable recommendations, which if strengthened, will further enhance the efforts of AMCON, thereby propelling the nation’s economic revitalization”, he noted.