An inter-agency committee set up on the recovery of debts owed the Assets Management Corporation of Nigeria, AMCON, has called for strict implementation of relevant laws including the AMCON Act, that ensure recalcitrant debtors cannot benefit from government contracts and projects except with due diligence clearance from AMCON.
Members of the Committee led by its Chairman, Bolaji Owasonoye, said this Wednesday in Abuja while submitting its Interim Report to Vice President Yemi Osinbajo.
The vice President while receiving the report said government will review it and act accordingly, observing that the issue of AMCON debtors doing further business with government agencies is a due diligence matter and there would have to be compliance with the requirements of the law.
The committee chairman noted that between 2020 and 2021, AMCON made significant recoveries which is highlighted in the report. Within the period under review, AMCON witnessed 10% growth in the recovery performance across various asset classes. For instance, in the year, 2020, the sum of N146 Billion was recovered, while in 2021 the sum of N161 Billion was also recovered.
Also read: Governor Uzodinma partners World Bank, recovers Imo shoe factory from AMCON
“The recovery outlook for 2022 is also looking positive and the Committee will not relent in its effort in engendering more recoveries.”
He added that the “Committee will continue its assignment with the institution of bankruptcy proceedings, tax infraction, inquiry as well as other strategies to ensure the obligors are brought under the recovery net of AMCON.”
The mandate of the Committee, which was inaugurated in September 2019 includes the review of status of debt owed to AMCON, collate information relating to respective debtors and their current status, deliberate on practical, legal and other strategies for the recovery of the outstanding debt, among others.
Members of the Inter-Agency Committee were drawn from various government agencies including the Independent Corrupt Practices and Other Related Offences Commission; Asset Management Corporation of Nigeria; Federal Ministry of Justice; Nigerian Financial Intelligence Agency; Nigerian Deposit Insurance Corporation; Central Bank of Nigeria; Department of State Services; and the Economic and Financial Crimes Commission.
Editor : Ena Agbanoma
