AMCON

A business professional group has advocated for urgent amendment to the acts establishing the Economic and Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN) and Asset Management Corporation of Nigeria (AMCON) to wake them from slumber and put a stop to the frequent banks and businesses’ liquidation.

The group, Turnaround Management Association of Nigeria (TMA), said that Nigerian banks and businesses would continue to collapse if some aspects of the acts establishing these agencies are not reviewed to prevent fraud, grafts, and criminality.

TMA Nigeria currently acts as a hub connecting professionals, investors and entities interested in distressed asset opportunities. They include specialists, consultants and legal experts that conducts due diligence in resolving failure issues.

The TMA President, Dele Bello Williams, said: “We currently see several banks almost going into distress like what happened in the past where AMCON was set up to bail them out.”

If the acts establishing these agencies are reviewed, the banks will find it difficult to give loans to powerful Nigerians that will refuse to pay back.
“CBN and EFCC should wake up and make sure they penalise banks that give overdrafts to high profile customers who are defaulters. This is one of the best ways we can rescue our banks and businesses from going into insolvency.”

Williams spoke yesterday in Abuja at the end of the year dinner and award ceremony of the group with the theme “Repositioning Depressed Enterprises For Economic Viability – The Role Of Turnaround Management “.

He assured that the group, in 2024, would address the issue of non-performing loans and how best to reduce the loans by helping the companies to start payments and limit the risks associated with foreign investments inflows to Nigeria.