Senate Asks FG To Scrap AMCON

Senate President Godswill Akpabio
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The Senate has urged the Federal Government to consider scrapping the Assets Management Company of Nigeria (AMCON)

The lawmakers expressed strong dissatisfaction over the performance of the management of the company as it recorded a loss of N146 billion within a period of 12 months.

The Managing Director of AMCON, Ahmed Kuru, and his management team appeared 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 AMCON 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.”

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