ABUJA: MUHAMMADU BUHARI OKAYS THE ATTORNEY OF THE FEDERATION AND MINISTER OF JUSTICE TO HEAD PRESIDENTIAL COMMITTEE ON LOAN RECOVERY

 – President Muhammadu Buhari has okayed the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, to head the Presidential Inter-Agency Committee on recovery of loans granted to commercial banks and corporate organisations by Asset Management Corporation of Nigeria, AMCON. A statement made available yesterday by spokesman to the AGF, Mr. Salihu Othman Isah, revealed that the committee was inaugurated last week Thursday in Abuja. Isah stated that the AGF had at the event noted that AMCON was established by the Act of the National Assembly to prevent the collapse of the Nigerian banking sector, following the banking crisis that was precipitated by Bank Consolidation Reforms that took place in 2008. He said the AGF pointed out that the situation led to huge indebtedness for banks which culminated in the eventual purchase of the toxic loans by AMCON in order to stabilize the banking sector, and by extension the Nigerian economy. Via:vanguard newspaper