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The bill was passed during plenary on Wednesday following the consideration of a report by the senate committee on banking, insurance, and other financial institutions.
The bill, which is an act to amend the AMCON Act No.3, 2014 to extend the tenor of the resolution cost fund and for related matters 2021,
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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.
The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill.
This followed the adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions at the plenary on Wednesday. x
Presenting the report, Sen. Uba Sani, Chairman of the Committee, said the committee engaged stakeholders including AMCON, Ministries of Finance, Budget and National Planning, Central Bank of Nigeria(CBN) and Nigeria Deposit Insurance Corporation (NDIC) before arriving at its conclusion.
He said the stakeholders in their submissions suggested that AMCON be empowered to take possession, manage, sell, transfer, assign property used as security for eligible bank assets among others.
Vanguard News
Senate passes AMCON amendment bill
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The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill.
This followed the adoption of the report of Senate Committee on Banking, Insurance and Other Financial Institutions at plenary on Wednesday.
Presenting the report, Sen. Uba Sani, Chairman of the Committee, said the committee engaged stakeholders including AMCON, Ministries of Finance, Budget and National Planning, Central Bank of Nigeria(CBN) and Nigeria Deposit Insurance Corporation (NDIC) before arriving at its conclusion.
He said the stakeholders in their submissions suggested that AMCON be empowered to take possession, manage, sell, transfer, assign property used as security for eligible bank assets among others.
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Thu Apr 15 2021
The Asset Management Corporation of Nigeria (AMCON) has approached the National Assembly to be accommodated in the provisions of the newly amended Banks and Other Financial Institutions Act, 2020 (BOFIA, 2020), which sets up Special Tribunals for hearing financial matters emanating from the financial institutions.
The Managing Director/Chief Executive Officer of AMCON, Mr Ahmed Kuru, made the plea before the Senate Committee on Banking, Insurance and other Financial Institutions at the National Assembly in order to quickly settle the Corporation’s liability in excess of N5.4 trillion.
Kuru said the proposed amendment and a few others will be critical to AMCON’s expected deliverables as they would enable the Corporation to resolve the debts fast.
AMCON seeks special tribunal to recover N5 4 trillion debt today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.