AMCON advocates debt recovery laws in Nigeria

The Executive Director, Asset Management Corporation of Nigeria, Aminu Ismail, has called on the government to make laws to back up debt recovery in the country, to strengthen the nation’s financial system.

Speaking, on Monday, at the sidelines of an award presentation organised by the Association of Chartered Certified Accountants in Abuja, Ismail stressed that the importance of a national policy on debt recovery could not be overemphasised, especially as a financial system is only as strong as its ability to collect debt in parallel to an existing legal system.

AMCON had severally alleged that obligors had become more daring, while hiding under all manners of legal technicalities to stall debt recovery, a development, he said, was not healthy for the country.

Ismail said, “Debt recovery is a tough job, but it has been mixed with success over the years; hence, the need to ensure that debt collection is well entrenched into our laws, so that people who give loans are able to collect their loans as and when due.

“With the national policy on debt recovery, it will be a system that supports the institution to recover these debts, because that is the only way to provide a sound financial system that ensures debts are successfully collected.”

The AMCON boss further explained that the organisation was working with the Economic and Financial Crimes Commission in achieving its mandate.

Earlier, the ACCA Country Head in Nigeria, Tom Isibor, had said that AMCON joined the list of over 7,000 global ACCA-approved employers, with awards in the Professional Development and Trainee Development (Gold category) streams.

According to him, ACCA employers’ scheme is aimed at ensuring that workers are equipped with necessary skills needed in any outfit.

Efficiency in the workplace, he added, is about having professionals run an organisation, ensuring that employees get the right training and exposure to best practices, “and that is what ACCA is all about.”

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