Senate calls for scrapping of AMCON over poor performance

OIP 11

The Senate has demanded that the Assets Management Company of Nigeria, AMCON, be abolished due to dissatisfaction with its management performance.

The senators were frustrated that the company incurred a loss of N146 billion in just one year.

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

The lawmakers noted that the company has consistently operated at a loss for the past 13 years.

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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