SENATE MOVES TO RECOVER N16TRN AMCON LOANS

Written by on March 24, 2021

THE SENATE, TUESDAY, CONSIDERED A CRITICAL BILL SEEKING TO EMPOWER THE ASSET MANAGEMENT CORPORATION OF NIGERIA (AMCON) IN THE ASPECT OF ASSETS RECOVERY, AS WELL AS STRENGTHEN IT AGAINST ECONOMIC SABOTAGE BY DEBTORS WITH UNPAID LOANS TO THE TUNE OF ABOUT N16 TRILLION.

THE ASSET MANAGEMENT CORPORATION OF NIGERIA (AMCON) AMENDMENT BILL 2021, WHICH SCALED SECOND READING ON THE FLOOR WAS SPONSORED BY SENATOR MICHAEL OPEYEMI BAMIDELE (APC, EKITI CENTRAL).

LEADING DEBATE ON THE BILL AT THE SENATE, BAMIDELE SAID, “THE MAIN AIM OF THIS AMENDMENT IS TO UPDATE A FEW CLAUSES IN THE ACT THAT HAVE BEEN HAMPERING THE OPERATIONS OF THE ASSET MANAGEMENT CORPORATION OF NIGERIA.”

ACCORDING TO THE LAWMAKER, “UNDER THE CURRENT ACT, THE CONTINUED SMOOTH OPERATION OF AMCON IS THREATENED BY THE TENOR PUT ON A KEY FUNDING PROVISION FOR AMCON.”

BAMIDELE EMPHASIZED FURTHER THAT THE AMENDMENT WOULD STRENGTHEN AMCON IN STABILIZING NIGERIA’S BANKING SECTOR AND EMPOWER THE AGENCY IN CARRYING OUT ITS FUNCTIONS OF ASSETS AND DEBT RECOVERY.


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