Financial Expert: AMCON Has Failed to Recover Debts Totalling N4.5tn

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Says CBN needs to restructure banks in the country
Yinka Kolawole in Osogbo

A financial expert, Hon. Tunde Olatunji, has urged the Asset Management Corporation of Nigeria (AMCON) to urgently assist the country in the recovery of over N4.5 trillion debts that are trapped in some establishments in the country to assist in the development of the nation’s economy.

Olatunji who is currently the Chairman House Committee on
Commerce, Cooperative, and Empowerment in the Osun State House of Assembly, said the Central Bank of Nigeria (CBN) also needs to engage in the restructuring of some banks in the country to make them more viable in the development of the economy.

Speaking at a press conference in Osogbo, the member representing Ife-North State Constituency opined that AMCON is solely responsible for the recovery of the debts own government in the country but has failed to do its work for the betterment of the country.

According to him, “the committee was set up in 2008 and up till 2016 they could still not recover any reasonable amount for the government as many trillion are tracked in people’s pockets”
He however urged the federal government to look into the issue with a view to nipping the problems on the bud and to get the committee on their toes in order to work for the benefit of which it was set up.

On the issue of failed banks in the country, the financial expert asked the CBN to expedite actions in the total restructuring of all ailing banks in the country.
He said the repositioning of these banks would assist in the over all development of the industry.

Olatunji equally noted that most of the nation’s capitalists stacked the funds in foreign accounts, while funds are being to develop others countries where it was kept rather than developing our own country economically.

He also observed that both Intercontinental and Oceanic Banks had laid solid foundation for the banking industry in the country therefore the federal government in collaboration with CBN should look at their restructuring now that economy of the country is not normal.
The lawmaker who also spoke on the privatisation of federal government assets and companies described the entire privatisation process as failure.

He opined that with the current economic problems, the abandoned Osogbo Steel Rolling Mills and Machine Tools should be looked into in order to revitalise the dead billion investment.
The lawmaker stressed that this time around the country needed these companies to function in order to accelerate economic development of the country and to create employment for unemployed graduates in the country.