A joint committee of the House of Representatives is to investigate the inability to recover over N2 trillion owed to the Asset Management Corporation of Nigeria, AMCON by banks.
The motion was sponsored by Rep. Johnbull Shekarau. He observed that the inability of the agency to recover this money has made it difficult for the agency to redeem a three-year zero coupon bond, it acquired from the Central Bank of Nigeria (CBN).
The House has mandated it’s committees on on Banking and Currency, Aids, Loans and Debt Management are to investigate the matter and report back to it in four weeks.
In May, a Presidential Inter-Agency Committee on recovery of loans granted to commercial banks and corporate organizations by Asset Management Corporation of Nigeria (AMCON) has been set up by the Federal Government.
This was revealed in a statement made available to the media on Monday by Comrade Salihu Othman Isah, the spokesman for the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami.
The inauguration of the committee, according to the Minister of Justice, was held on Thursday, May 19, in Abuja.
