AMCON May Revisit Root Causes Of Bad LoansCEO

The Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has said for the corporation to survive and meet its obligations, the root causes of some of the toxic loans in the real sector of the economy needed to be revisited.Kuru, while welcoming the House Committee on Banking and Currency Committee to his office in Abuja yesterday, reiterated that AMCON was dealing with obligors that have the financial capacity to engage AMCON from court to court in their plot to evade repayment and thereby sabotaging the effort of the federal government to resuscitate the economy.He added that there was need for all the relevant government agencies especially the legislature to rally round AMCON because the failure of AMCON would mean that the gains Nigeria recorded in 2010/2011 when AMCON was created would be lost and the economic difficulty, which was avoided then would eventually befall the nation.He however said that the continued interest and support AMCON has received from the House members has reassured him that AMCON would realize its objectives.The House Committee on Banking and Currency Chairman, Hon. Sir Jones Onyereri as part of its oversight functions to review the Corporations 2016 budget performance expressed concern over the quality of loans that were acquired by AMCON from Eligible Financial Institutions (EFIs) in the country.The House Committee called on the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance among other regulators to immediately ensure that all wrongly declared loans by commercial banks are clawed back to enable AMCON cover its funding g
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