Louis Achi
On Wednesday, April 28, 2021, the Senate passed an Asset Management Corporation of Nigeria (AMCON) Amendment bill that empowers the corporation to, among others, take possession, manage or sell all property traced to debtors.
This is notwithstanding whether or not such assets or property were used as security/collateral for obtaining the loan in particular.
The passage of the crucial bill followed the consideration of a report by the Committee on Banking, Insurance and Other Financial Institutions. AMCON is also being empowered to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters.
Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central), in his presentation said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and Nigeria Deposit Insurance Corporation (NDIC).
Vanguard News
Senate passes AMCON amendment bill
On
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.
Deji Elumoye and Udora Orizu
The Senate yesterday passed the Asset Management Corporation of Nigeria Amendment (AMCON) bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions.
The amendment bill empowers AMCON to, among others, take possession, manage or sell all assets traced to debtors, whether or not such assets or property are used as security/collateral for obtaining the loan.
It also empowers the corporation to access the special tribunal established by the BOFIA, 2020 for dealing with financial related matters.
Presenting the report, Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central), said the committee engaged with stakeholders such as AMCON, the Ministry of Finance, Budget and National Planning; Central Bank of Nigeria and Nigeria Deposit Insurance Corporation (NDIC).
Views: Visits 29
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.
By Deji Elumoye and Udora Orizu
The Senate Wednesday passed the Asset Management Corporation of Nigeria Amendment bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions.
The amendment bill passed by the upper chamber empowers the Assets Management Corporation of Nigeria to, among 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.
Presenting the report, Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central) said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and Nigeria Deposit Insurance Corporation (NDIC).