Abuja - For its inability to effectively utilize the N5.6 trillion allocated to the Asset Management Company of Nigeria (AMCON), the Senate has indicted the Central Bank of Nigeria (CBN), reports Daily Newswatch.
According to the Senate, AMCON has failed to live up to its objective of recovering toxic debts owed by some commercial banks after about three years in operation.
The Senate demanded investigation of the N5.6 trillion the Central Bank of Nigeria (CBN) had invested in the company since inception. It also directed its Committee on Banking to find out how much AMCON has so far recovered from banks.
Senate President David Mark noted that those found culpable in the misuse of the funds allocated to AMCON should be punished.
Read more at Daily Newswatch