Why Healthy, ‘Rescued’ Banks Need AMCON, By Senator Nwaogu

FEW days after the confirmation of the Aliyu Kola Belgore-led Board of the Assets Management Company of Nigeria (AMCON), Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Nkechi Nwaogu, yesterday said the company is empowered by law to ‘acquire’ all toxic assets — in excess of 10 per cent of loan portfolios — in healthy and rescued banks. 
   Nwaogu, who spoke in a telephone chat with The Guardian yesterday, said the short-term target of AMCON should be to verify non-performing loans of banks and “immediately go into negotiations with a view to putting money and discounting non-performing loans.”
  She said AMCON should be able to buy as many eligible assets as are presented to them by healthy and rescued banks alike, even “as banks are advised to voluntarily take their eligible toxic assets to AMCON.”
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