The Senate on Wednesday passed the Assets Management Corporation of Nigeria (AMCON) Amendment bill, empowering the agency to seize debtors’ assets.
Passage of the bill followed consideration of a report by the Committee on Banking, Insurance and Other Financial Institutions.
The amendment bill passed by the chamber empowers AMCON to, amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular.
It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters.
Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central), in his presentation said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and Nigeria Deposit Insurance Corporation (NDIC).
Deputy Senate President, Ovie Omo-Agege (APC, Delta Central), during the clause-by-clause consideration of the bill sought to know the rationale behind the recommendation of the Committee in clause two, which empowers AMCON to take possession of assets outside of those used as collateral in obtaining a loan request.
