The Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Tokunbo Abiru, has said the 10th Senate of the Federal Republic of Nigeria would ensure that the best objectives of setting up the Asset Management Corporation of Nigeria, AMCON by the Federal Government in 2010 were achieved.
Abiru who frowned at the huge interest rates that AMCON paid to the Central Bank of Nigeria, CBN said if that was allowed to continue, it would practically make it impossible for the much-touted AMCON sunset to be realised.
In a statement signed by the spokesperson of AMCON, Jude Nwauzor, he said, “A situation where AMCON pays as much as six per cent to the CBN and also charged some percentage on obligors whose businesses were already challenged before AMCON intervention was not a healthy practice as AMCON’s current exposure stands at about N4.7tn.
He said his committee would engage the CBN, and all relevant stakeholders to take a second look at the AMCON funding model, the interest elements and all other processes that would hasten the resolution of the huge burden that AMCON presently carries.
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