‎By Ahmed Akanbi

‎The Senate, through its Committee on Banking, Insurance and Other Financial Institutions, has tasked the management of Asset Management Corporation of Nigeria (AMCON) to begin compiling comprehensive records of its operations ahead of its expiration in 2030.

‎The directive was issued on Tuesday during the screening of the newly appointed Chairman of the AMCON Board, Lamido Abubakar Yuguda.

‎The Committee, chaired by Senator Tokunbo Abiru, Lagos East, granted Yuguda a “bow and go” treatment, noting that this was his third appearance before the panel.

‎AMCON was established in 2010 as a “bad bank” to stabilize the banking sector by purchasing Non-Performing Loans, NPLs, and distressed assets from Nigerian banks to restore liquidity and protect the economy.

‎The corporation was specifically mandated to recover over N4 trillion in outstanding toxic debts from major obligors and was given a 20-year operational lifespan which expires in 2030.

‎With just four years to the sunset date, member of the Committee, Senator Sani Musa (APC Niger East), told Yuguda and AMCON Managing Director, Gbenga Alade, to start compiling records of the corporation’s operations.

‎He said the report should detail achievements recorded so far and outstanding responsibilities.

‎”The issue I wish to raise is that AMCON was established to resolve challenges within the financial system, particularly non-performing loans, distressed banks and related financial obligations,” Musa said.

‎”It has a statutory lifespan and is expected to wind up around 2030. Looking at that timeline, there is a need for this committee to receive an up-to-date report on the status of AMCON.

‎”We need to know where the corporation stands today, what it has achieved since inception and what outstanding responsibilities remain before its expected sunset,” he added.

‎The Committee Chairman, Senator Abiru, affirmed the position and directed both the Chairman-designate and the MD to provide a comprehensive response.

‎”I have no doubt that, in the not-too-distant future, the committee will receive a comprehensive response on the issues you have highly given.

‎”We deliberately decided to keep today’s exercise brief because this is already the third time the nominee has appeared before us. We know him quite well, so today’s exercise has been more of a formal interaction,” he stated.