EFCC backs AMCON on Toxic Asset Recovery

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The Economic and Financial Crimes Commission EFCC on Thursday, August 3, 2017 pledged its support to Asset Management Corporation of Nigeria AMCON, in its drive to recover toxic assets and boost for the nation’s economy.

The Acting Chairman of the Commission, Ibrahim Magu delivered the pledge while playing host to Ahmed Lawan Kuru, Managing Director, AMCON and his team in his office.

According to Magu, “it is in the interest of this country that we support you and work with AMCON”
He blamed the incidence of bad loans especially in the banking sector on insider dealings, adding that it is about time bankers are held liable for their indiscretion.
He expressed the Commission’s willingness to strengthen the team already working on AMCON related cases,

In his remarks, Mr. Kuru informed the Commission of how over N3.7 trillion of depositors funds, 15,000 jobs were saved due to AMCON intervention in the banking sector in 2009/2010.

“The Corporation borrowed money from the Financial system and bought 13,000 non-performing loans at the cost of N3.7trillion from 22 banks and also injected N2.3 trillion as financial accommodation to ten banks in order to bring stability and avoid systematic failure”, he said.

He however listed some of the challenges hampering the corporation’s debt recovery efforts to include the judicial process, non cooperation of debtors, concealment of assets, irregular documentation by banks and other financial institutions, forgery and alteration of financial records.

Mr. Kuru further expressed satisfaction with the performance of the EFCC/ AMCON desk ,saying “ever since the set up of the AMCON desk, we have enjoyed tremendous support of the team which has led to recovery and increased the number of obligors coming forward to AMCON looking for a resolution out of the situation they are in”
He added that the importance of the EFCC to the actualization of AMCON mandate cannot be overstated as the Commission is “about one of the few organizations that have the power to request or demand information from some of these financial institutions and get response.”

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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