The House of Representatives Committee on Banking and Other Ancillary Institutions has pledged to create a task force of judges to expedite debt recovery from over 350 obligors across Nigeria. Chairman Eze Nwachukwu Eze made this commitment during the committee’s 2024 stakeholders retreat with the Asset Management Corporation of Nigeria (AMCON). The retreat’s theme, “Revitalizing Asset Management for Economic Stability,” underscores the urgency of addressing debt challenges in the Nigerian economic landscape.

Over the years, obligors have exploited legal technicalities to delay AMCON’s debt recovery efforts. The committee aims to provide the necessary legal infrastructure for AMCON to fulfill its mandate effectively. This includes reviewing existing laws, proposing legislative measures, and equipping AMCON with the tools needed to navigate asset management complexities.

AMCON’s Managing Director, Gbenga Alade, highlighted that out of the 12,743 loans purchased, just 350 obligors constitute over 80% of the total accounts. Addressing these cases, especially the 246 currently in various courts, remains a significant recovery challenge. Despite these obstacles, AMCON’s funding plan contributions stood at 34% as of December 2023.

The establishment of a judges’ task force signals a commitment to holding obligors accountable and safeguarding Nigeria’s economy. By streamlining debt recovery processes, the National Assembly aims to break free from the grip of defaulting debtors.