By Munachimso Obienyi
Due to sustained depressed returns on investments owing to excessive debts from commercial banks in Nigeria, shareholders have expressed concerns and have urged the Federal government to tighten the noose on debtors and reject the aroma of the free funds from the banking industry levies.
The shareholders under the aegis of Independent Association of Nigeria (ISAN), said that despite the operations of Asset Management Corporation of Nigeria (AMCON) in 12 years, the corporation has demonstrated its inability to successfully put the debt recovery issue to rest.
Speaking to newsmen at the weekend, the Coordinator Emeritus, ISAN, Sir Sunny Nwosu, said shareholders are concerned with the losses reported by AMCON despite collecting huge levies from banks and having challenges in selling recovered assets from debtors.
Nwosu said the poor performance of the corporation is a cause of concern for Nigerian shareholders while adding that the agency recovered only a paltry N1.4 trillion since inception with data showing that non-performing loans have again increased by more than 150 per cent.
