The Chairman House of Representatives Committee on Banking and Other Ancillary Institutions, Hon. Eze Nwachukwu Eze, has assured that given the current economic challenges facing Nigeria, the 10th National Assembly must work to ensure that the legislative framework supports the effective functioning of institutions such as the Asset Management Corporation of Nigeria (AMCON) in order to collaboratively enact policies that enhance the corporation’s capacity to execute its recovery mandate efficiently and transparently.
Nwachukwu, gave the assurance in Enugu, yesterday, at the first 10th House of Representatives Committee’s retreat with the management of AMCON.
The retreat had “Navigating Nigeria’s Financial Ecosystem for a Sustainable Future: The Role of AMCON,” as its theme.
Declaring the retreat open, a statement quoted Eze to have said, “Our nation stands at a critical juncture in its economic development, and the financial sector plays a pivotal role in shaping the trajectory of our economic future. “The banking industry, in particular, is a cornerstone of our economic stability and growth. As we navigate the intricate web of financial intricacies, we must acknowledge the indispensable role that AMCON plays in ensuring the stability and sustainability of our financial ecosystem.
“As we are all aware, the financial sector is the heartbeat of any thriving economy, and its stability is paramount to the overall well-being of our nation.
“AMCON, as a key player in this ecosystem, has been tasked with the responsibility of managing distressed assets, mitigating financial risks, and contributing to the stability of the banking and financial institutions in Nigeria.
“AMCON, established in 2010, was created with the foresight to address the challenges posed by non-performing loans and distressed assets within the banking sector.
“The Corporation has been a fulcrum in maintaining financial stability and fostering investor confidence in our banking sector.”
He added: “As the Committee overseeing banking and ancillary institutions, we recognize the significance of a robust and resilient financial system. We have to ensure that the legislative framework supports the effective functioning of institutions like AMCON.
We must work collaboratively to enact policies that enhance the Corporation’s capacity to carry out its mandate efficiently and transparently.”
Insisting that it was the responsibility of the National Assembly to ensure that institutions of the government delivered on their mandates, Eze again added, “The House of Representatives Committee on Banking and Ancillary Institutions is committed to fostering a conducive environment for AMCON to carry out its mandate effectively. “Our committee is poised to collaborate closely with AMCON to address the challenges facing them and implement strategic initiatives that will enhance its role in ensuring a sustainable future for Nigeria.”