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Senate panel justifies continued existence of AMCON despite challenges

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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.

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Information Ministry takes Economic Enlightenment Campaign to Jigawa

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Muhammed Idris

To educate citizens on the economic interventions under President Bola Ahmed Tinubu’s administration, the Federal Ministry of Information and National Orientation has commenced a public awareness campaign in Jigawa State.
The ministry urged the public, especially the youth, to take advantage of the opportunities for self-reliance, with the initiative highlighting various job creation and poverty alleviation programs.
The Minister of Information and National Orientation, Mr. Mohammed Idris, represented by Mala Bashir Dahiru Galadanci, Head of the Federal Information Center in Dutse, highlighted the government’s “Renewed Hope” initiatives.
He emphasized that the interventions were designed to change the narratives in the economic wellbeing of Nigerians and provide job and skill opportunities, particularly for the youth, to encourage self-reliance and entrepreneurship.

According to Mr. Galadanci, the administration is committed to addressing poverty and unemployment by introducing accessible programs that benefit citizens at the federal, state, and local levels. He called on the people of Jigawa State to explore these opportunities and support government efforts in transforming the country’s economy.

Jigawa State Director of the National Orientation Agency (NOA), Mr. Ahmad Tijjani, also called for public support of the government’s policies. He acknowledged that while some recent policy changes have impacted citizens’ living standards, these new interventions are a proactive step toward alleviating poverty and economic hardship.

In a presentation, Professor Ali Siro of the Sociology Department at the Federal University Dutse detailed various federal interventions, including the Student Loan Program, Consumer Credit Corporation, Compressed Natural Gas Initiative, National Youth Talent Export Program, National Housing Initiative, and several small business loan schemes.
He explained the eligibility criteria, repayment terms, and benefits of the initiatives to encourage public participation.

In his goodwill message, the Emir of Dutse, Hamim Nuhu Sanusi, commended the federal government for introducing multiple economic interventions to cushion the impact of new policies.
Represented by Senior Counsellor Alhaji Mustapha Aminu, the Emir suggested a review of civil service rules, urging the government to adjust workers’ salaries and make loan terms more flexible to prevent financial strain on the workforce.

This campaign marked the beginning of a nationwide effort to educate citizens on government interventions aimed at creating socio-economic opportunities and improving the overall welfare of Nigerians.

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EFCC declares that Bello is not in its custody, amidst speculation of his arrest by the agency

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***Bello leaves EFCC without interogation

The Economic ane Financial ctimes Commisaion has discredited reports that the immediate past Governor of Kogi State Yahaya Bello is in its custody .
Head, Media and Publicity of the anti graft agency, Dele Oyewale in a terse statement on Wednesday indicated that Media reports earlier in the day that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC, is incorrect. “The Commission wishes to state that Bello is not in its custody. Bello, already declared wanted by the Commission for alleged N80.2billion money laundering charges, remains wanted with a subsisting warrant for his arrest.
Bello’s media team had sent out a statement earlier indicating that the former Kogi State Governor Yahaya Bello had turned himself in to
honor the Economic and Financial Crimes Commission (EFCC) invitation, following allegations of corruption and fraudulent activities during his tenure.
Their statement confirmed that the former Governor appeared before the EFCC after consulting with his family, legal team, and political allies.
In another twist, indications emerged that Bello, who had initially claimed to have voluntarily honoured the commission’s invitation, was trailed and arrested by EFCC operatives in Lokoja at midnight.

In yet another twist, Bello’s Director of Media, Ohiare Michael said, “Earlier today, we reported the voluntary visit of former Governor of Kogi State, HE Alh. Yahaya Bello to the Economic and Financial Crimes Commission office to honour the Commission’s invitation.
“In the statement, we reiterated the former Governor’s great respect for the rule of law and constituted authority, and stressed that, all the while, he only sought the enforcement of his fundamental rights in order to ensure due process.
“The EFCC did not, however, interrogate him as officials told him he could leave. We don’t know what this means yet. As we write, HE Alhaji Yahaya Bello has left the EFCC office. He was accompanied there by the Governor of Kogi State, HE Alhaji Ahmed Usman Ododo.
“Recall that the case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. The former Governor decided to honour the invitation to clear his name as he has nothing to hide and nothing to fear. “

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At last, Yahaya Bello honors EFCC invitation

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Yahaya Bello

Former Kogi State Governor Yahaya Bello has honored the Economic and Financial Crimes Commission (EFCC) invitation, following allegations of corruption and fraudulent activities during his tenure.
Bello’s media team in a statement confirmed that he appeared before the EFCC after consulting with his family, legal team, and political allies.
The former governor had been declared wanted by the EFCC over alleged money laundering and corrupt enrichment amounting to N80.2 billion.

The statement reads: “The former Governor, who has great respect for the rule of law and constituted authority, had, all the while, only sought the enforcement of his fundamental rights in order to ensure due process.

“The case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. It is important for the former Governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.

“The former Governor believes firmly in the efforts of the administration of President Bola Ahmed Tinubu to place Nigeria on the path of sustainable economic development; and supports the fight against corruption in the country.

“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the State work for the people of the State.

“He was accompanied to the EFCC Headquarters by high profile Nigerians.

“It is our hope that the Commission will be as professional as necessary and respect his fundamental rights as a citizen of the Federal Republic of Nigeria.

“Details of his engagement with the operatives of the Anti-Graft Agency will be disclosed later.”

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