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PIB: Senate President unveils seven-member Committee

PIB: Senate President unveils seven-member Committee
tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.

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PIB: How the North secured funding for Frontier Basins

PIB: How the North secured funding for Frontier Basins
tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.

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The politics, history of Petroleum Industry Bill

The politics, history of Petroleum Industry Bill
tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.

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With New Bill, Senate Empowers AMCON to Seize Debtors' Assets

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). ....

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Amidst disagreement, Senate passes bill empowering AMCON to seize assets not included as collateral

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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