AMCON: Buhari okays Malami to head presidential c’ttee on loan recovery

President Muhammadu Buhari has okayed the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, to head the Presidential Inter-Agency Committee on recovery of loans granted to commercial banks and corporate organisations by Asset Management Corporation of Nigeria, AMCON.
 

Members of the Committee who include representatives drawn from Ministries, Departments and Agencies (MDAs), are, the AGF as Chairman, Minister of State (Aviation), Senator Hadi Sirika, Inspector General of Police, Mr. Solomon Arase and Chairman, Economic and Financial Crime Commission, EFCC, Mr. Ibrahim Magu. Others are the Accountant General of the Federation, Alhaji Ahmed Idris, Group Managing Director Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachukwu, Director General, Debt Management Office, DMO, Dr. Abraham Nwankwo, Executive Secretary, Petroleum Products Pricing and Regulatory Agency, PPPRA, Mr. Farouk Ahmed and the managing director, AMCON, Alhaji Ahmed Kuru. 

A statement yesterday by spokesman to the AGF, Mr. Salihu Othman Isah, said the committee was inaugurated recently in Abuja. 

Isah stated that the AGF had at the event noted that AMCON was established by the Act of the National Assembly to prevent the collapse of the Nigerian banking sector, following the banking crisis that was precipitated by Bank Consolidation Reforms that took place in 2008. He said the AGF pointed out that the situation led to huge indebtedness for banks which culminated in the eventual purchase of the toxic loans by AMCON in order to stabilize the banking sector, and by extension the Nigerian economy.