The Guardian (Nigeria)
AMCON canvasses laws to back debt recovery
THE Asset Management Corporation of Nigeria ( AMCON) has sought laws to back debt recovery in Nigeria with a view to strengthening the nation’s financial system.
It had on several occasion argued that obligors were getting daring and hiding under legal technicalities to frustrate repayment.
Speaking on the sidelines of the award presentation organised yesterday by the Association of Chartered Certified Accountants in Abuja, AMCON Executive Director, Aminu Ismail, stressed that the importance of a national policy on debt recovery cannot be over- emphasised, noting that a financial system “is only as strong as its ability to collect debt in parallel to an existing legal system.”
He explained that the organisation was working with the Economic and Financial Crimes Commission ( EFCC) in achieving its mandates.