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AMCON Tenure Has Expired; National Assembly Take Note

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However, before we go ahead to point out the gross incompetence of AMCON, drawn from the numerous businesses which they have succeeded in collapsing as against managing, we must note that the National Assembly of Nigeria in its submission in 2015, queried the excess debt accumulation by the body.

Meanwhile, given that the life span of AMCON is ten years as established by the National Assembly in 2010, they ought to have collapsed it when it started accumulating debt and causing more damages just half way into it establishment.

Nigerians must remember that AMCON was established as a ten years committee by the National Assembly in 2010 and have long out lived it usefulness and must be absolutely abrogated. They have succeeded in deepening the problem of unemployment in Nigeria by failing to manage efficiently those companies they have acquired over the years.

Had the National Assembly give heed to the clarion call by Omo Gabriel in Vanguard Newspaper of 3rd December, 2015 to winding down AMCON, they would have saved this country a lot of mess, created by the creation of AMCON.

Thus, when President Muhammadu Buhari appointed Ahmed Lawan Kuru as the new Managing Director of the Assets Management Corporation of Nigeria, following the dissolution of executive management team in 2015, he demanded report on the liquidation of NITEL, he forgot to demand report on the closure of Capital Oil and Gas Limited; if not for the fact that it serves as great source of revenue generation for the country and supplementary services, then he should have done so because thousands of Nigerian Youths were gainfully employed under that company and its corollaries if any, who might have shared same fate.

Well, now that the stewardship of AMCON by law ought to be over in Nigeria, we are expecting the leadership of the National Assembly to call them to give Nigerians an account of their stewardship from womb to tomb. People from my side of this country are particularly interested in the details on why AMCON as a professional management body was unable to manage successfully the business successfully managed by one man Sen. Dr. Patrick Ifeanyi Ubah.

Though I may not have details of the court order or judgment with which they used to acquire Capital Oil and Gas Limited, but I am certain they were directed to go and manage and recover their debt, the court is an agent of order and wouldn’t have authorized them to go and damage such multi-billion naira investment, that once served both the nation and its citizens.

However, I am consoled that with the help of experts in relevant fields, both the structural cum economical and otherwise damage which AMCON did to this company can be determined using fundamental economic principles, for example the weekly net profit of the company when it was fully functional can be used as a measuring instrument by laymen like us.

Meanwhile, since Asset Management Corporation of Nigeria (AMCON) is established for the purpose of acquiring the Non-Performing loans (NPLs) of banks with a view to freeing such banks from the burden of provisioning requirements – Substandard, doubtful and lost accounts.

Nigerians will love the court to tell us the punishment due to AMCON, in the occasion they did not succeed in managing an acquired company efficiently, thereby fail to pay the loan owned by the company. Or in extreme cases like in the case of Capital Oil and Gas Limited when they ended up damaging or collapsing the company completely.

Since we have established beyond reasonable doubt that the AMCON which by law is due to expire this year is incompetent and have failed Nigerians, who then will be responsible for their gross incompetence?

Sir Augustine Ike (KSJI)-IKEDOJI
Is the Publicity Secretary Nzuko Ora Nnewi. SOURCES ELOMBA NEWSPAPERS

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