AMCON losses 4.5tr,battles 3.5tr loss

The total accumulated losses of Assets Management Corporation of Nigeria’s (AMCON) stands at N4.5 trillion while outstanding bad loans owed the corporation by individuals and companies amounts to N3.5 trillion.

The House of Representatives made the disclosure yesterday.

This is even as the House has passed through second reading a bill to amend the AMCON Act to make provision for the expansion of its board to accommodate representatives from the six geopolitical zones and make it more productive.

Section 10 of the principal act prescribes the appointment of a part-time chairman, the executive directors and non-executive directors among officers representing various ministries, departments and agencies (MDAs) exclusive to the Ministry of Finance. But leading debate on the proposed amendment yesterday, the sponsor of the bill, Hon. Joseph Eghoghon Ediowele (PDP, Edo) submitted that a corporation such as AMCON does not need to be managed by part-time chairman and representatives solely from MDAs.