Nigerian Government Sets Up Committee for AMCON’s Debt Recovery

Nigerian Government Sets Up  Committee for AMCON’s Debt Recovery

The Federal Government of Nigeria, through the office of the vice president, has set up an Inter-Agency task force on the 5 trillion naira Asset Management Corporation of Nigeria (AMCON)’s debt recovery. The office of the vice president announced on Tuesday.

This is coming a day after the Economic Management Team (EMT), headed by the vice president prof. Yomi Osinbajo was dissolved and the new Economic Advisory Council (EAC), was inaugurated.

It appears the vice president is taking a new role in the place of EMT, and it is on AMCON debt recovery. With the challenges that the government has encountered in its bid to recover from debtors the sum of 5 trillion naira, it’s obvious that the method used didn’t work, therefore, the idea of an Inter-Agency Committee was welcomed.

The Committee was tasked to turn the table around in what has been a difficult process that has seen debtors incessantly default in their payment obligations.

According to the statement issued by the office of the vice president: about 67% of the outstanding 5 trillion naira AMCON debt is said to be owed by just 20 individuals or entities.

The vice president charged the Committee to live up to its responsibilities, one of them, developing a workable timeline.

“One of the terms of reference is for the Committee to prepare a report, giving us a sense of what the timeline would be.” He said.

Under the chairmanship of the Chairman of the Independent Corrupt Practices and other related offences Commission (ICPC), prof. Bolaji Owasanoye, the Committee was charged to consider every lawful means in their quest for the debt recovery. Even if it means taking enforcement measures.

“I congratulate you on the very onerous task that has been set, to render this service. I know that, given the kind of individuals here, you will definitely turn this whole narrative around. So I wish you all very well.” The vice president encouraged.

Members of the Committee who are made up of the heads and representatives of financial agencies such as the AMCON, EFCC, NFIU, ICPC, CBN, NDIC and Federal Ministry of Justice, are expected to review the status of all debts in respect to AMCON, consider the practicality of recovery, work out a recovery strategy with specific timelines for completion.

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