Asset Management Corporation of Nigeria (AMCON) and the Economic and Financial Crimes Commission (EFCC) are set to storm banks whose officials violated internal processes that led to the huge non-performing loans in AMCON’s portfolio.

AMCON Managing Director, Ahmed Kuru, and the EFCC Acting Chairman, Ibrahim Mustafa Magu, jointly made the announcement yesterday in Abuja.

AMCON had acquired debts from 22 banks worth N3.7 trillion and provided financial accommodation to 10 banks of about N2.2 trillion.

But Kuru said that despite AMCON’s recovery efforts, the corporation still held unresolved loans in excess of N4.6 trillion representing about 75% of the total national budget.

His words: “most of the obligors may not have acted alone in their unwillingness to repay, but may involve the connivance of some of the bank officials whose motive was to cheat the banks ab-initio.

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“In the appropriate circumstances, these bankers would also be called upon to account for their roles in granting these questionable facilities.”

Speaking, Magu noted that both agencies had “very tough, overwhelming and challenging” tasks.... Continue reading http://www.newsresidence.tk/2017/08/amcon-efcc-set-to-storm-banks.html

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