Politics FG Sets up Presidential Committee on Loans Recovery


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The Federal Government has set up an inter-agency committee on the recovery of loans granted to commercial banks and corporate organisations by Asset Management Corporation of Nigeria (AMCON).

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The committee headed by the Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami (SAN) is to coordinate the recovery of loans owed to AMCON.

In a statement issued by the media aide to the AGF yesterday, Sailhu Othman Isah, the Minister said AMCON was established to prevent the collapse of the banking sector following the banking crisis which resulted in the Bank Consolidation Reforms in 2008.

The AGF said the situation led to huge indebtedness for banks which culminated in the eventual purchase of the toxic loans by AMCON so as to stabilise the banking sector, and by extension the Nigerian economy.

He argued that the failure of debtors to repay what they owed informed President Muhammadu Buhari’s approval and directive for the establishment of an inter-agency committee to effectively pursue the loan recovery.
 
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