Senators demand scrapping of AMCON
The Assets Management Company of Nigeria, or AMCON, should be abolished, according to a Senate resolution.
The legislators exhibited a great deal of dissatisfaction with the company's management.
They were incensed that the business lost N146 billion in just a single year.
On Wednesday, Senator Adetokunbo Abiru's Senate Committee on Banking, Insurance, and Other Financial Institutions heard testimony from Ahmed Kuru, the Managing Director of AMCON, and his management team.
The lawmakers emphasised that the business has continuously operated at a loss over the previous 13 years.
Senator Sani Musa stated, "I can see from the balance sheet, the summary of profit and loss," after looking over AMCON's balance sheet. There are most of the digits missing.
“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.â€
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