The Senate of the Federal Republic of Nigeria last week in Abuja, passed the Asset Management Corporation of Nigeria (Amcon) Establishment Bill 2010 at its third reading. At the inception of the plenary, Senator Aloysius Etok, chairman, senate committee on business and rules, explained that the bill had earlier passed the second reading at the Senate where it was directed that three committees, namely: - banking, insurance and other financial institutions, capital market and finance should conduct a public hearing on the bill and submit a report to the Senate.
The bill, which Senator Teslim Folarin, senate leader, moved the motion for its consideration, was described by Senator Nkechi Nwogu as very crucial to the banking sector and has the objectives to lessen the burden of CBN on loans and strengthen the banking sector to give synergy to the entire financial institutions in the country.
During the consideration of the bill prominent senators including Professor Jubril Aminu, Olorunmbe Mamora, Ahmed Markarfi, Ikechukwu Obiora, Ndoma Egba, Gbemi Saraki, Kabiru Gaya, Kola Bello and Kanti Bello among others strongly supported the establishment of the AMCON.