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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, Senator 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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The Senate, on Wednesday, passed the amended Asset Management Corporation of Nigeria (AMCON) bill which makes the seizing of debtor’s assets legal.
The passage followed the consideration of a report by the Committee on Banking, Insurance, and Other Financial Institutions.
The amendment bill passed by the upper chamber of the National Assembly empowers the 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.
Amidst disagreement, Senate passes bill empowering AMCON to seize assets not included as collateral
The bill seeks to empower AMCON to, amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property are used as security/collateral for obtaining the loan. 4 min read
The Senate has passed a bill that empowers the Asset Management Corporation of Nigeria (AMCON) to seize the assets of loan defualters that were not included as collateral when the loan was approved.
The Bill, Asset Management Corporation of Nigeria Act, (Amendment Bill, 2021), was read for the third time and passed amid protest by some lawmakers, who pointed out a major controversial part of the legislation.
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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.