By Ikechukwu Nnochiri
ABUJA - President Muhammadu Buhari has okayed the Attorney General of
the Federation and Minister of Justice, Abubakar Malami, SAN, to head
the Presidential Inter-Agency Committee on recovery of loans granted
to commercial banks and corporate organisations by Asset Management
Corporation of Nigeria, AMCON.
A statement made available yesterday by spokesman to the AGF, Mr.
Salihu Othman Isah, revealed that the committee was inaugurated last
week Thursday in Abuja.
Isah stated that the AGF had at the event noted that AMCON was
established by the Act of the National Assembly to prevent the
collapse of the Nigerian banking sector, following the banking crisis
that was precipitated by Bank Consolidation Reforms that took place in
2008.
He said the AGF pointed out that the situation led to huge
indebtedness for banks which culminated in the eventual purchase of
the toxic loans by AMCON in order to stabilize the banking sector, and
by extension the Nigerian economy.
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