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BANKING & FINANCE

N5.4 Trillion Debt: Senate to Assist AMCON in Recovering Borrowed Funds

AMCON

The Senate  Committee on Banking, Insurance and other Financial Institutions headed by Senator Rafiu Ibrahim, on Monday, said it had commenced a probe into the N 5.4 trillion owed the Asset Management Corporation of Nigeria (AMCON) by some firms,which is said to more than triple the N800 billion debt limit guaranteed to AMCON by the act establishing it.

Managing Director of AMCON, Ahmed Kuru ,who spoke with journalists shortly after the meeting with Senators, said that the lawmakers were in support of its determination to recover the huge debts.

He said : ‘‘We have seen that most of the debtors in AMCON are big men that fly in private jets, live in big mansions and they have taken money and they are not paying back.

The Senate is really disturbed and they are ready to do anything under the law to ensure that the N5.4trillion that is outstanding obligation of AMCON is repaid.”

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  1. N5.4 Trillion Debt: Senate to Assist AMCON in Recovering Borrowed Funds – https://t.co/aI3yaLaDQe … —

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