Finance & EconomyNews

AMCON recovers N307bn debt in two years

 

The Asset Management Corporation of Nigeria recovered a total of N307 billion debts between 2020 and 2021.

An inter-agency committee set up on the recovery of debts owed to the Asset Management Corporation of Nigeria  submitted its report to the Federal Government and is urging for strict implementation of relevant laws, including the AMCON Act, that ensures that the recalcitrant debtors cannot benefit from government contracts and projects except with due diligence clearance from AMCON.

Members of the Committee led by its Chairman, Prof. Bolaji Owasonoye, SAN, who is also the Chairman of the Independent Corrupt Practices Commission, stated this while submitting its interim report  to Vice President, Yemi Osinbajo, SAN, on Wednesday at the Presidential Villa.

According to statement released by the Senior Special Adviser to the Vice-President on Media and Publicity, Laolu Akande, Prof. Osinbajo said the government would review it and act accordingly, observing that the issue of AMCON debtors doing further business with government agencies was a due diligence matter and there would have to be compliance with the requirements of the law.

Specifically, the Committee proposed an advisory to the Federal Government that going forward, “all AMCON debtors must not be allowed to transact business or enjoy patronage with any government agency whatsoever, except clearance is obtained from AMCON on the debt status of such obligors,” according to Prof. Owasonoye, who presented the report to the vice president

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