Ten years ago, Nigeria introduced AMCON, following the global financial meltdown of 2008, as an innovative idea to fortify our financial institutions with a focus on the banking sector. Today, Nigerians are happier with the idea, as it has indeed stabilized the financial system and rescued them from systemic failures. AMCON has ensured our depositors do not lose their hard-earned savings or their investors, their investments. Socially, the idea has saved thousands of jobs that would have otherwise been lost in the financial meltdown that affected the banks.
The institution may have some shortcomings, no doubt, but that is expected of any new idea being experimented. But as AMCON grows in experience, such shortcomings are being addressed with perfect hands of a master craftsman.
Before the advent of AMCON, accountability in the banking sector, particularly during the crisis, was something else. At one time, the collapse of banks became crooked ways of self-enrichment by the management cadre because there was no regime of accountability, while the system of oversight was weak and the framework for the regulation of their operations was equally weak. AMCON came and put an end to all that impunity with three functions that defined their role: financial stabilization of the system, takeover, and debt recovery…Read More