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.