AMCON Should Be Scrapped Over Consistent Loss, Senators

Post created on 9:59 am

The Senate has expressed its dissatisfaction over the performance and management of the Assets Management Company of Nigeria, AMCON, and calls for its scrapping.

On Wednesday the Managing Director of AMCON, Ahmed Kuru, and his management team came before the Senate Committee on Banking, Insurance and other Financial Institutions led by Senator Adetokunbo Abiru.

The lawmakers showed their displeasure with the company over a loss of N146 billion recorded within one year.

The lawmakers pointed out that in the past 13 years, the company has been running at a loss consistently.

After examining AMCON’s balance sheet, Senator Sani Musa said, “I can see from the balance sheet, the summary of profit and loss. Most of the digits are at a loss.

“Are we going to continue this way? If we are to do this after 13 years, then there is reason to call for the amendment of the Act that established AMCON or the outright scrapping of the corporation. Our bad loans have been given for free. And we have not seen any action from the regulator.”

[Daily Post/SA]