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FG Inaugurates Panel To Recover N5trn AMCON Debt

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The Federal Government has inaugurated an inter-agency committee aimed at recovering the N5 trillion debts owed the Asset Management Corporation of Nigeria (AMCON).

The committee was inaugurated by Vice President, Prof. Yemi Osinbajo, at the Presidential Villa, Abuja. He expressed dismay over the rate of debtors, saying about 67 percent of the outstanding debt is owed by 20 individuals/entities in the country.

 

Osinbajo also urged the committee to modify the current debt collection and payment process, which has allowed debtors to continue defaulting on their payment agreements.

 

The committee led by the Chairman of the Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye

 

Other members of the committee are heads and representatives of agencies including AMCON, the Nigeria Financial Intelligence Unit (NFIU), Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Ministry of Justice, and Nigeria Deposit Insurance Corporation (NDIC).

 

The Vice President encouraged the committee while congratulating them on the task ahead.

 

“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,” he said in a statement issued by the his Senior Special Assistant on Media and Publicity, Laolu Akande.

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