Nigerian Government Sets Up Panel To Recover Over N5 Trillion AMCON Debts

Nigerian Government Sets Up Panel To Recover Over N5 Trillion AMCON Debts

By Wires Editor | The Trent on August 1, 2019
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President Muhammadu Buhari (right) and Vice President Yemi Osinbajo in a State House photo
President Muhammadu Buhari (right) and Vice President Yemi Osinbajo in a State House photo

To ensure effective recovery of over N5 Trillion being outstanding debts owed the Asset Management Corporation of Nigeria, AMCON, a new task force has been set up to get the job done without failure.

Vice President Yemi Osinbajo, SAN gave the indication during a meeting with board members and management of AMCON and selected heads of government agencies, at the Presidential Villa, Abuja on Monday evening.

The agencies involved, according to a statement by the Senior Special Assistant on Media and publicity, Laolu Akande, issued on Tuesday, July 30, 2019, are the Economic and Financial Crimes Commission, EFCC, Nigerian Financial Intelligence Unit, NFIU, the Independent Corrupt Practices Commission, ICPC, and also the Permanent Secretaries of the Justice and Transport Ministries.

To this effect, a special task force/committee comprising of the Heads of AMCON, the Economic and Financial Crimes Commission, EFCC, Nigerian Financial Intelligence Unit, NFIU, the Independent Corrupt Practices Commission, ICPC, and the Ministry of Justice, will be working to develop and implement new strategies that will ensure that the determination of the Federal Government to recover the money is speedily achieved.

Osinbajo said all the relevant agencies have to re-strategize to achieve the desired results.

“The key is collaboration. We need a small team comprising these agencies to look at the next steps that we need to take, especially the criminal aspect, forfeiture, and all of that,” the VP directed.

He said the task force should look at the top 20 AMCON defaulters closely and develop a plan of action that brings results.

It would be recalled that the Vice President had previously in May met with AMCON management to discuss how to resolve the issue.

According to the AMCON Chairman, Mr. Muiz Banire, SAN, almost 67 per cent of the outstanding N5 trillion debt is owed by just 20 individuals/entities.

Banire noted that the agency had been “trying its best in its attempt to recover this through the civil judicial process, but had encountered several challenges.”

Also present at the meeting was the Acting Chairman of the EFCC, Ibrahim Magu; Chairman, ICPC, Prof. Bolaji Owasanoye; Director/Chief Executive, NFIU, Mr. Modibbo Tukur; Permanent Secretary, Federal Ministry of Transportation, Sabiu Zakari; and other senior government officials.

Read more at The Nation

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