AMCON debt recovery committee submits report to Osinbajo

The inter-agency committee set up by the Federal Government on the recovery of debts owed to the Asset Management Corporation of Nigeria(AMCON) has submitted its report to Vice President Yemi Osinabjo.

Osinbajo’s spokesman, Laolu Akande, in a statement, said the committee led by Prof. Bolaji Owasanoye, submitted its Interim report to the vice president on Wednesday at the Presidential Villa, Abuja.

Owasonoye is also the Chairman of the Independent Corrupt Practices Other Related Offences Commission(ICPC)

The report urged for strict implementation of relevant laws including the AMCON Act, that ensured that the recalcitrant debtors could not benefit from government contracts and projects except with due diligence clearance from AMCON.

The report 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.

“Between 2020 and 2021, AMCON made significant recoveries which is highlighted in the report.

“Within the period under review, AMCON witnessed 10 per cent 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.

“The recovery outlook for 2022 is also looking positive and the committee will not relent in its effort in engendering more recoveries.

“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,” Owasanoye said.

Owasanoye said that the committee immediately commenced work on inauguration, but the advent of the COVID-19 global pandemic inevitably slowed down the pace of activities and enforcement measures.

The mandate of the committee, which was inaugurated in Sept. 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.

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While receiving the report, Osinbajo said the government would review it and act accordingly.

He observed 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.

Members of the Inter-Agency Committee consist of representatives from various government agencies including the ICPC, AMCON, Federal Ministry of Justice and Nigerian Financial Intelligence Agency.

Others are Nigerian Deposit Insurance Corporation; Central Bank of Nigeria, Department of State Services and the Economic and Financial Crimes Commission.

The meeting was attended by representatives of these agencies including the Managing Director/ Chief Executive Officer, AMCON, Ahmed Kuru.