The Management of the Asset Management Corporation of Nigeria, AMCON came under Fire at its budget defence Session with the Senate’s Committee on Banking Insurance and other Financial Institutions over its poor performance as revealed in its balance sheet.
Members of the Committee are dissatisfied with the recovery agency’s financial statement, which revealed a loss of N146 billion in 2023 alone, and some lawmakers are pushing for a change to the laws establishing AMCOM or the abolition of the agency entirely.
The performance of the Asset Management Corporation of Nigeria, AMCON was heavily scrutinized by Federal Lawmakers in the Senate when the Management of the Agency appeared before the Committee to defend its 2024 Budget estimates, amounting to about N150 billion naira.
But the lawmakers were more concerned with AMCON’s balance sheet reflecting a loss of N146 billion, a performance they believe falls short of expectations.
Members believe the agency is yet to justify the purpose for which it was established and suggests an amendment or complete scrap of the agency.
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