Connect with us

News

Senate panel justifies continued existence of AMCON despite challenges

Published

on

The existence of the Asset Management Corporation of Nigeria (AMCON) despite the challenges confronting it is not misplaced, Senate panel on Banking, Insurance and Other Financial Institutions has stated.

AMCON is vested with the statutory responsibility amongst others, of recovering the non-performing loan hitherto disbursed by eligible financial institutions (banks) to their customers.

The Managing Director of the agency, Ahmed Kuru on wednesday led top officials of the agency to the Senate on to present his 2023 financial records and to defend the 2024 budget estimates.

Some lawmakers in the Senate panel had expressed dissatisfaction with the agency’s performance in the outgoing fiscal year wondering if it would not be better for the National Assembly to scrap it.

Senator Sani Musa, who is a member of the committee had expressed dismay that despite its huge liabilities, AMCON was not aggressive enough in its loan recovery drives.

He said, “Most of the loans were owed by individual companies which were never sanctioned and at the end of the day, the same company would go back to buy back their asset that AMCON had hitherto taken over. Are we going to continue like this?

“It is not only about defending budget, it is about seeing the effect of the Appropriation, we need to know whether it is working. Or are we just creating a job for those we can protect?

“Will it not be better to scrap AMCON since it seems to have lost its statutory mandate?

Speaking from the same perspective another member of the committee, Senator Jimoh Ibrahim, lamented the huge losses suffered by the assets recovery agency in the outgoing fiscal year.

Ibrahim said, “Your total comprehensive profit and loss, and it came in to a loss of N145bn. This calls for concern.

“Your net operating profit and loss is N126bn. What is responsible for all these big losses. You are created to collect bank loans from them.

“Even if you’re now regulators to the debtors, why are you incurring losses. Your balance sheet is not looking so good. Again, why are you buying cash-colateralised loans?”

Attempts by the Chairman of the Senate Committee, Senator Tokunbo Abiru, to defend the agency’s submissions did not go down well with some members and the panel had to dissolve into a closed session.

After about 30 minutes, the doors of the committee room were thrown open and Abiru addressed journalist on the outcome of the executive session.

Abiru said, “The committee has agreed that there is the need for a strong financial system stability hence agencies like AMCON is still desirable.

“We also believe that the role of AMCON is further underscored by the fact that it was set up using a model that it would help us to tidy up the challenges that we had in the financial system in the past.

“The only challenge that we had today is that we need to have a definite time that all the obligations that are hanging on the throat of AMCON must be redeemed.

“The conclusion is that we will continue to work with AMCON and other agencies to fashion out a model that would make AMCON openly wound down it’s obligation at the possible shortest time.

“There is no society that does not have AMCON in one form or the other. The only way we can resolve financial stability is through the creation of an entity like this and we need to ensure it’s success,” Abiru added.
Kuru told the panel that his administration had been able to recover about N648bn out of the agency’s total liabilities of N5trn as of 20th September, 2023.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

JAMB Steps Up Fitness Game with Staff Health Walk Ahead of 2025 Exam Marathon

Published

on

By

By Veronica Dariya, Bwari (Abuja)

The Joint Admissions and Matriculation Board (JAMB) has kicked off the year with a proactive approach to staff wellness, organizing a 5km health walk in Bwari, Abuja, to gear up for the demanding 2025 Unified Tertiary Matriculation Examination (UTME) season.

The health walk, held on Saturday, saw JAMB staff traverse a scenic route through the Nigerian Law School road, Kuduru road, and Bwari Area Council Secretariat, before returning to the board’s headquarters.
SpeKing on the initiative, JAMB’s Director of Human Resources, Mr. Gani Abdulrahman, emphasized the importance of physical and mental preparedness for the UTME exercise.
“Managing the UTME is like fighting a war. We need our team to be alert, energized, and healthy throughout the process. This walk is a first step to achieving that,” Abdulrahman said.
The director revealed plans to institutionalize periodic fitness activities and reactivate the board’s sports club to promote long-term wellness among staff.
For many participants, the event was more than a fitness session. Mrs. Halima Aliyu, one of the staff members, said the health walk offered a chance to socialize and unwind while promoting a culture of exercise.
“This walk is a perfect way for us to bond as colleagues while keeping fit. Many of us get so busy with work that we forget to take care of ourselves. This initiative reminds us of the importance of health,” Aliyu said.
She expressed hope that such activities would become a regular feature of JAMB’s calendar, contributing to both personal health and workplace productivity.
This health-focused initiative is part of a broader effort by JAMB to ensure its staff are equipped to handle the pressures of the annual UTME, which demands precision, focus, and stamina.
The board has promised to unveil details of the 2025 UTME process soon, raising expectations for what could be one of its most innovative and efficient examinations yet.
As JAMB gears up for a busy year, the health walk reflects a commitment to fostering a culture where productivity is powered by wellness. It’s a fresh reminder that a healthy team is a productive team—and JAMB seems poised to lead the charge.

Continue Reading

News

Kemi Badenoch Sparks another Controversy with Comments on Nigeria

Published

on

By

Kemi Badenoch

British Conservative Party leader, Kemi Badenoch, has again drawn sharp criticism following comments made during an event organized by the think tank Onward.
In her remarks, Badenoch expressed concerns about Britain potentially facing the challenges she attributes to Nigeria, describing her home country as plagued by “terrible governments.”
The Conservative Party leader, who was born in the UK but mostly raised in Nigeria, had repeatedly described growing up in fear and insecurity in a country plagued by corruption.
Nigerian Vice-President Kashim Shettima accused her of denigrating the country.
Speaking to the audience on Thursday, Badenoch recounted her upbringing in Nigeria and how her family struggled financially despite working hard. She noted that her experience shaped her determination to prevent similar circumstances in the UK.
“And why does this matter so much to me? It’s because I know what it is like to have something and then to lose it,” Badenoch said. “I grew up in a poor country and watched my relatively wealthy family become poorer and poorer, despite working harder and harder as their money disappeared with inflation. I came back to the UK aged 16 with my father’s last £100 in the hope of a better life.”
Badenoch’s comments drew attention for their critical tone, particularly her remark about the Nigerian government:
“I have lived with the consequences of terrible governments that destroy lives, and I never, ever want it to happen here.”
Badenoch further criticized Nigerian institutions, including the police, comparing her experiences in Nigeria to those in the UK.
She accused the Nigerian police of corruption, sharing a personal anecdote:
“The police in Nigeria will rob us,” she said, to laughter from the audience. “When people say I have this bad experience with the police because I’m black, I say well, I remember the police stole my brother’s shoe and his watch.”
These statements have been met with backlash from Nigerians, with many accusing her of reinforcing negative stereotypes and distancing herself from her roots.
Critics argue that Badenoch’s comments overlook the complexities of Nigeria’s challenges, while others see them as a betrayal of her heritage.
Some have taken to social media to express disappointment, accusing her of using her background to score political points.
While some observers have defended Badenoch’s remarks as honest reflections of her experiences, others have urged her to focus on contributing solutions rather than critiquing from afar.
This is not the first time Badenoch’s comments about Nigeria have stirred controversy. Recently, she distanced herself from the country’s northern region, stating she has “nothing to do with the Islamic northern region.”

As the leader of the UK’s Conservative Party, Badenoch’s remarks highlight the tension between personal narratives and political diplomacy, sparking debates about identity, governance, and the responsibility of leaders with multicultural roots.

Continue Reading

News

FG Hits Back at Emir Sanusi’s Economic Reform Remarks: ‘We Don’t Need Your Approval’

Published

on

By

Bola Tinubu and Sanusi Lamido Sanusi

The Federal Government has delivered a sharp rebuttal to Emir Muhammadu Sanusi II’s recent remarks about President Bola Tinubu’s economic reforms, expressing disappointment over his refusal to endorse the government’s actions.

Sanusi, a former Central Bank of Nigeria (CBN) governor, had voiced his hesitation to speak in support of the reforms, stating, “I have decided not to speak about the economy or the reforms, nor to explain anything regarding them. If I explained, it would only help this government, and I don’t want to help this government.” His comments were made at a public event in Lagos, where he also indicated that he would withhold his explanations despite the significant economic impact of the reforms.

In response, Minister of Information and National Orientation, Mohammed Idris, acknowledged that Sanusi’s decision to withhold support for the government’s economic agenda was his personal choice, but expressed frustration at his stance.
“It is rather curious for someone from an institution that champions transparency and integrity to openly admit to withholding the truth due to personal interests,” Idris remarked.
The Minister stressed that while everyone has the right to their opinion, the reforms under President Tinubu were designed to confront deep-rooted economic challenges, requiring bold and transformative actions. These reforms, including the unification of exchange rates and the removal of the fuel subsidy, are vital steps to secure Nigeria’s economic future.
Idris addressed Sanusi’s acknowledgment that the current economic pains were a necessary result of years of mismanagement, stating that these reforms are already showing positive results. “The unification of exchange rates has instilled investor confidence, leading to increased foreign reserves and better protection from external shocks,” he noted.

The government also highlighted the positive outlook for Nigeria’s economy, pointing to World Bank projections showing an upward trend in GDP and improvements in key sectors like infrastructure, education, and healthcare.

While expressing disappointment over Sanusi’s sudden criticism, Idris emphasized that Nigeria’s path to recovery requires unity and collective effort. “It is disheartening that reforms which were previously endorsed by experts like Emir Sanusi are now being subtly undermined,” he said.

Idris urged leaders like the Emir to set aside personal and partisan interests and work towards the greater good of the country. “This is a pivotal time for Nigeria, and what is needed is collaboration, not division,” he concluded.

The Federal Government reiterated that it remains committed to advancing economic reforms and fostering inclusivity, with a focus on long-term growth. The administration remains open to dialogue with all well-meaning stakeholders while steadfastly putting the country’s interests first.

Continue Reading

Trending

Copyright © 2024 National Update