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At an Enugu gathering, Hon. Eze Nwachukwu Eze, Chairman of the House of Representatives Committee on Banking and Ancillary Institutions, reemphasized the need for a collaborative debt recovery strategy, calling on all federal agencies to align with the Asset Management Corporation of Nigeria (AMCON) in its mission to recover debts and strengthen the nation’s financial stability.
By recovering the enormous debt of approximately N5 trillion owed to AMCON by a few individuals, Eze noted that the government would experience a significant surge in revenue, allowing President Tinubu’s administration to deliver on its commitment to revitalize the nation’s economy and bring hope to the citizens.
Hon. Eze, who chaired a committee retreat in Enugu, called for a more resolute approach to debt recovery, tasking AMCON’s leadership, led by Mr. Gbenga Alade, to implement a more rigorous strategy that ensures obligors are held accountable and the nation’s resources are protected from exploitation.
As stated by Mr. Jude Nwauzor, AMCON’s Corporate Communications lead, Hon. Eze cautioned the agency against being intimidated by the stature or influence of obligors, emphasizing the need for unwavering dedication to debt recovery and the enforcement of asset seizure when warranted.
The lawmaker added, “The new AMCON management has to face the reality of debt recovery, which is not easy, and must not consider social status of obligors in carrying out enforcement actions. In fact, even if you find my name on the list of AMCON obligors, please come after me. The success of AMCON’s mandate is not the responsibility of one institution alone; it requires the concerted efforts of all stakeholders. This includes the government, financial institutions, the regulatory bodies, security agencies, and indeed the private sector.
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“We recognise that the economic landscape is evolving rapidly. Global and domestic challenges require us to reassess our strategies and adapt to new realities. Retreats such as this presents us with another opportunity to reflect on AMCON’s journey so far, to identify areas where we can enhance its capacity, and to align our efforts towards ensuring that the corporation continues to be a key player in our nation’s economic stability.”
According to the lawmaker, the theme of the retreat, ‘Revitalising Asset Management for Economic Stability: Exploring Policy Changes and Legislative Support for AMCON,’ is not only timely, but also critically important. The task of managing distressed assets is complex, requiring robust policies, innovative approaches, and unwavering legislative backing. Revitalising, in this context, Eze said, “Means more than just improving existing processes; it involves a rethinking of the entire framework within which AMCON operates. It calls for strategic adjustments that will enable AMCON to be more proactive, agile, and effective in its interventions.
“In this regard, the Committee on Banking and Other Ancillary Institutions is committed to working closely with AMCON and other stakeholders to ensure that our policy framework supports the corporation’s objectives. We must also consider the broader economic implications of these policies, ensuring that they contribute to sustainable growth and development.
Hon. Eze pointed out that lawmakers bear the responsibility of establishing a conducive legal framework that allows AMCON to fulfill its objectives effectively, including the assessment and revision of existing laws, the introduction of new legislative initiatives, and the ensuring of AMCON’s access to vital instruments for navigating the intricacies of asset administration.
