{"id":36389,"date":"2019-11-22T14:29:59","date_gmt":"2019-11-22T13:29:59","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=36389"},"modified":"2019-11-22T14:29:59","modified_gmt":"2019-11-22T13:29:59","slug":"n5-trillion-debts-senate-amcon-move-against-vip-defaulters","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/n5-trillion-debts-senate-amcon-move-against-vip-defaulters\/","title":{"rendered":"N5 Trillion Debts: Senate, AMCON Move Against VIP Defaulters"},"content":{"rendered":"<p>Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani has said that the committee had resolved to join hands with the Asset Management Corporation of Nigeria to push for the recovery of N5 trillion debts owed by high profile Nigerians.<\/p>\n<p>He said this\u00a0on Friday in Kaduna State via\u00a0a signed statement made available to newsmen.<\/p>\n<p>Sani said the decision was part of the outcome of the retreat organised by AMCON for the committee, which held in Kaduna, the state capital.<\/p>\n<p>He expressed concern over the debt profile of the AMCON, noting that the committee would liase with other agencies to ensure the recovery of the debts.<\/p>\n<p>The lawmaker representing Kaduna Central at the Senate described as troubling and unacceptable that after sinking trillions of Naira into taking over non-performing loan assets of banks, the AMCON\u00a0 could only boast of N800 billion assets as of the moment.<\/p>\n<p>According to him, the committee which he chaired, resolved to confront\u00a0the AMCON problem frontally.<\/p>\n<p>He also said part of the steps to be taken by the committee towards successful debt recovery would include engaging with \u201cthe executive, judiciary and civil society to fashion out a workable strategy to fast-track this recovery of Nigeria\u2019s loan assets.\u201d<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>Other steps, according to the Chairman,\u00a0includes \u201cInviting\u00a0 the founding fathers of AMCON to rub minds with our committee on the rationale for committing such incredible amount of resources to debts incurred by Nigerians who have shown scant regard for majority of their countrymen and women and are not committed to growth and development of our economy.\u201d<\/p>\n<p>Sani said, \u201cAfter sinking humongous Nigerian resources to the tune of N4 trillion into taking over non-performing loan assets of banks, AMCON today only boasts of N800 billion in assets.<\/p>\n<p>\u201cThis is clearly unacceptable and the committee has resolved to confront the AMCON problem frontally as the institution has become a huge drain on the national economy.<\/p>\n<p>\u201cThe committee also frowned at a situation where only 350 well-heeled Nigerians account for about 70% of the non-performing loans which have remained a source of instability in our financial system.<\/p>\n<p>\u201cThe committee, however, commends\u00a0 President Muhammadu Buhari for setting up a task force for the recovery of the over N5 trillion\u00a0 debts owed AMCON and signing into law the AMCON (Amendment)Act 2019 which gave sweeping powers to the corporation to monitor activities of the Nigerian debtors to ensure they do not unduly take advantage of the weakness in the country\u2019s banking systems.<\/p>\n<p>\u201cThe committee declares its resolve to close ranks with AMCON in the compilation of a comprehensive list of Nigeria\u2019s high-profile debtors and proceed to publish without delay, their names, except\u00a0 the persons in question, commence immediate repayment of their loans.\u201d<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani has said that the committee had resolved to join hands with the Asset Management Corporation of Nigeria to push for the recovery of N5 trillion debts owed by high profile Nigerians.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":20012,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[1277],"coauthors":[2391],"class_list":["post-36389","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-amcon"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>N5 Trillion Debts: Senate, AMCON Move Against VIP Defaulters - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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