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Senate backs publishing of names of AMCONs debtors

The chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Adebayo Ibrahim, has said that the legislature supports the proposed plan by AMCON to publish the list of 350 obligors that accounts for nearly 80 per cent of the total huge bad debt. 

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Ibrahim spoke yesterday at the opening of a 2-day retreat at Intercontinental Hotel, Lagos where they convened to discuss the AMCON Act Amendment Bill, hinted that the Upper Chamber, as part of its oversight function, has decided that AMCON at this critical time in its lifespan must be given all the support it requires to perform as expected by Nigerians. 

The Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, said after several years of negotiating with the obligors with no commensurate recovery result, it decided to change its strategy, which now pays strict attention to enforcements as a way of compelling especially the recalcitrant obligors to pay up their debts. 

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