BUSI­NESS AMCON, EFCC to go af­ter banks, of­fi­cials be­hind bad loan

Daily Trust - - NEWS - By Ron­ald Mu­tum (Abuja) Sun­day Michael Ogwu ( La­gos)

The As­set Man­age­ment Cor­po­ra­tion of Nige­ria (AMCON) and the Eco­nomic and Fi­nan­cial Crimes Com­mis­sion (EFCC) have de­cided to go af­ter banks and their of­fi­cials that were in­stru­men­tal to the abuse and vi­o­la­tion of in­ter­nal pro­cesses that led to the huge non­per­form­ing loans in AMCON’s port­fo­lio.

AMCON Man­ag­ing Di­rec­tor/ Chief Ex­ec­u­tive Of­fi­cer, Mr. Ahmed Kuru, and EFCC’s Act­ing Chair­man, Mr. Ibrahim Mustafa Magu, yes­ter­day in Abuja held a high level meet­ing with the aim to re­visit, rein­ves­ti­gate and duly pros­e­cute such banks and the re­spon­si­ble of­fi­cials.

Since its es­tab­lish­ment, AMCON has ac­quired debts from 22 banks worth N3.7 tril­lion and pro­vided fi­nan­cial ac­com­mo­da­tion to 10 banks of about N2.2 tril­lion.

He ob­served that de­spite AMCON’s re­cov­ery ef­forts, the cor­po­ra­tion still held un­re­solved loans in ex­cess of N4.6 tril­lion rep­re­sent­ing about 75% of the to­tal na­tional bud­get.

The MD ex­pressed con­cern that fail­ure on the part of AMCON to re­solve the debts would have far-reach­ing im­pli­ca­tion for the na­tion at large.

Magu said: “most the oblig­ors may not have acted alone in their un­will­ing­ness to re­pay, but may in­volve the con­nivance of some of the bank of­fi­cials whose mo­tive was to cheat the banks ab-ini­tio. “In the ap­pro­pri­ate cir­cum­stances, th­ese bankers would also be called upon to ac­count for their roles in grant­ing th­ese ques­tion­able of fa­cil­i­ties.”

It could be re­called that, a to­tal debt obli­ga­tion of over N4.6 tril­lion is AMCON by re­cal­ci­trant debtors across the coun­try.

The EFCC Act­ing Chair­man, who wel­comed the AMCON boss and his team, de­scribed the as­sign­ments of both agen­cies of gov­ern­ment as “very tough, over­whelm­ing and chal­leng­ing.” He noted, how­ever that it was for that rea­son that EFCC es­tab­lished AMCON Desk with ded­i­cated EFCC of­fi­cials that en­sured that all AMCON re­lated cases in EFCC re­ceived speedy at­ten­tion.

Magu as­sured that the AMCON Desk at EFCC would con­tinue to be func­tional, adding that the EFCC was willing to in­crease the num­ber of per­son­nel on the desk if so required and to es­tab­lish a La­gos branch if nec­es­sary to make sure the huge loans were re­cov­ered in the in­ter­est of the Nige­rian econ­omy.

AMCON man­ag­ing di­rec­tor, Ahmed Kuru

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.