By Our Correspondent
\nThe Senate Committee on Banking , Insurance and other Financial Institutions on Tuesday charged the management of the Asset Management Corporation of Nigeria ( AMCON) , to start compiling records of its operations ahead of expiration in 2030 .<\/p>\n
This was even as the committee chaired by Senator Tokunbo Abiru ( Lagos East ) accorded Lamido Abubakar Yuguda ‘ a bow and go ‘ treatment from the screening he supposed to go through as the newly appointed Chairman of Board of AMCON by President Bola Ahmed Tinubu .<\/p>\n
AMCON is a Federal Government agency established in 2010 to stabilize the banking sector as a “bad bank,” purchasing Non-Performing Loans (NPLs) and distressed assets from Nigerian banks to restore liquidity and protect the broader economy.<\/p>\n
It was specifically tasked with recovering over \u20a64 trillion in outstanding toxic debts from major obligors and given operational life span of 20 years which ends in 2030 .<\/p>\n
2030 being just four years away, a member of the Committee , Senator Sani Musa ( Niger East ), told AMCON Board Chairman -Designate , Yuguda and Managing Director , Gbenga Alade to start compiling records of operations of the corporation which according to him , should be in form of achievements recorded so far and unmet responsibilities .<\/p>\n
“The issue I wish to raise is that AMCON was established to resolve challenges within the financial system, particularly non-performing loans, distressed banks and related financial obligations.<\/p>\n
“It has a statutory lifespan and is expected to wind up around 2030. Looking at that timeline, there is a need for this committee to receive an up-to-date report on the status of AMCON.<\/p>\n
“We need to know where the corporation stands today, what it has achieved since inception and what outstanding responsibilities remain before its expected sunset”, he asked .<\/p>\n
The Chairman of the committee , Senator Abiru officialized the position of Senator Sani Musa by telling both the AMCON Chairman – designate , Yuguda and MD , Gbenga Alade that comprehensive response on issues raised , be made by them .<\/p>\n
“I have no doubt that, in the not-too-distant future, the committee will receive a comprehensive response on the issues you have highlighted.<\/p>\n
“We deliberately decided to keep today’s exercise brief because this is already the third time the nominee has appeared before us.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Our Correspondent The Senate Committee on Banking , Insurance and other Financial Institutions on Tuesday charged the management of the Asset Management Corporation of Nigeria ( AMCON) , to start compiling records of its operations ahead of expiration in 2030 . This was even as the committee chaired by Senator Tokunbo Abiru ( Lagos […]<\/p>\n","protected":false},"author":2,"featured_media":8992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/15777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=15777"}],"version-history":[{"count":2,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/15777\/revisions"}],"predecessor-version":[{"id":15779,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/15777\/revisions\/15779"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/8992"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=15777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=15777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=15777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}