Senate Appeals to the Judiciary to Comply Fully with Provisions of the AMCON Act

9th November 2022

The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani on Monday decried the fact that some obligors of Asset Management Corporation of Nigeria (AMCON) still have the audacity to shamelessly face Nigerians to seek positions in public office in the forthcoming 2023 general elections, after their failure to meet basic financial commitment, whilst others are busy displaying their wealth with audacity believing that it will take long before anybody can touch them.

Sani who was addressing his colleagues and the Management and top officials of AMCON in Abuja said the Senate would do whatever it takes to frustrate such obligors through the instrumentality of the law. He promised that the Legislature would work hand in hand with the Judiciary by ensuring full compliance to the AMCON Act.

He said it was frustrating to the Senate as well as the Federal Government that some of these obligors that owe AMCON huge sums in debt still fly around in private jets and even approach both the Federal Government and other agencies of the government for business. The Senator said this sort of impunity must stop in the interest of the Country, adding that the Senate would continue to work with both the Management of AMCON and the Judiciary to ensure that it leaves a legacy that would enable agencies of the Federal Government to deliver on their mandates without hitches that negatively affect the already challenged economy. He therefore appealed to the Judiciary to kindly comply fully with the provisions of the AMCON Act, which has been crafted to effectively deal with these recalcitrant obligors within a reasonable time.

The AMCON Boss, Ahmed Kuru, had tabled the challenges experienced by AMCON in taking advantage of the special powers granted to it under the Amended Act, at the forefront of which is the need to fast track its cases. He emphasized that the provisions of the AMCON Act are sufficient to support its activities once their cases are put on the fast track as envisaged by the law.

While acknowledging the tremendous support the agency has been getting from the Judiciary and legislature, he said: “Distinguished Senators, to enable AMCON succeed in its national call to duty, the support which is required is now, more than ever, key to our success and the quick closure of our mandate in the National interest.”