Senators call for scrapping of AMCON

Senators call for scrapping of AMCON

 The Senate has called for the scrapping of the Assets
Management Company of Nigeria, AMCON.

 

The lawmakers expressed strong disaffection over the
performance of the management of the company.

 

They were peeved that the company recorded a loss of N146
billion within a period of 12 months.

 

The Managing Director of AMCON, Ahmed Kuru, and his
management team came before the Senate Committee on Banking, Insurance and
other Financial Institutions led by Senator Adetokunbo Abiru on Wednesday.

 

The lawmakers pointed out that in the past 13 years, the
company has been run at a loss consistently.

 

After examining AMCON’s balance sheet, Senator Sani Musa
said, “I can see from the balance sheet, the summary of profit and loss. Most
of the digits are at loss.

 

“Are we going to continue this way? If we are to do this
after 13 years, then there is reason to call for the amendment of the Act that
established AMCON or the outright scrapping of the corporation. Our bad loans
have been given for free. And we have not seen any action from the regulator.”

 

Senator Ibrahim also spoke in a similar vein.

Source: Senators call for scrapping of AMCON

 - NigerianEye

The story behind the headline — analyzed by 10 AI models, updated 4x daily. → drux.space/hub