By Lizzy Chirkpi
The House of Representatives has mandated its Standing Committee on Banking and Currency to investigate the failure of obligos and bank debtors to remit the sum of N2.5 trillion of their loans.
The house further urged the committees on Aids, Loans and Debts and Banking and Currency to carry out the investigation.
It will be recalled that the Assets Management Company of Nigeria (AMCON) was established between 2007-2009 as an intervention agency to provide stabilization capital for financial institutions and to acquire eligible bank assets.
The mover of the motion Johnbull Shekarau of PDP-Plateau which came under matters of urgent national importance, said that six years after Amcon was yet to redeem the bond it acquired.
He further expressed concern that the inability of AMCON to recover these funds has serious implication on the economy especially now that it is in recession.
Whilst leading the debate, Shekarau said that the Federal Government through the federal ministry of Finance and the Central Bank of Nigeria (CBN) provided initial capital and a three years zero coupon to allow AMCON raise N 5.67 trillion naira for intervention.
In contributing to the motion, Rep Leo Ogor, Minority Leader, said that the committee on Banking and Currency should carry out their oversight functions.
The motion was unanimously adopted by members through a voice vote.
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