By Obinna Chima
The Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, has revealed that the corporation’s total assets under management (AUM) is currently at N136.73 billion.
The agency also has about N112.03 billion worth of propriety assets.
Kuru, said this at the weekend, when he led the management of AMCON to appear before a technical session of the Senate Committee on Banking Insurance and other Financial Institutions, held in Abuja. He renewed the call for legislative support to the corporation.
According to a statement from the corporation, the Senate Committee met to review the impact of COVID-19 on AMCON policies and process – with the view to reposition AMCON for optimal performance amidst the pandemic.
“We want the 9th Senate of the Federal Republic of Nigeria to pile pressure on some of our obligors through the Senate Committee on Banking Insurance and Other Financial Institutions under the leadership of Senator Uba Sani as Chairman. Some of these obligors are very important members of the society and, as distinguished senators, I know they have all it takes to intervene and even compel AMCON obligors to meet their obligation.
“This is because we cannot over emphasise the importance of recovering the huge outstanding and the positive impact it will have in the Nigerian economy, which like other economies have been further challenged by the outbreak of the dreaded coronavirus (COVID-19) pandemic,” the AMCON
Kuru, also told the committee that although the corporation has, with the aid of the National Assembly sought to address some of the challenges in the 2019 Amendment Act, the Senate needs to do more to support AMCON’s recovery, saying some of the top obligors of AMCON still hide under legal technicalities to tie down the corporation in courts, “exploring the loopholes in the Act prior amendment, which is why the Corporation has witnessed slow judicial process including undue adjournment, lack of hearing date and adequate understanding of AMCON Act among other issues.”
The AMCON CEO added, “COVID-19 (Coronavirus) pandemic has had a monumental impact on the globe and Nigeria in particular. Not only has it adversely affected the global economy, but the entire health system of the world has remained on its knees. AMCON, one of the institutions of government saddled with the responsibility of revitalising Nigeria’s economy is not immune to this monumental global disaster.
“The pandemic has impacted negatively on the various sectors of our economy, particularly the sectors, which AMCON is substantially exposed to, like aviation, oil and gas, manufacturing and retail sectors.
On his part, the Chairman of the committee, Senator Uba Sani, assured that committee and AMCON have identified the strategies being employed by debtors to stall the repayment of loans, including the dragging of court cases for many years.
The Senator who represents Kaduna Central at the 9th Senate said: “The Asset Management Corporation of Nigeria has remained at the receiving end of these well laid and orchestrated acts of economic sabotage.”