An inter-agency committee set up on the recovery of debts owed to the Asset Management Corporation of Nigeria, AMCON, has proposed that henceforth all the corporation’s debtors must not be allowed to transact business or enjoy patronage with any government agency whatsoever, except clearance is obtained from AMCON.
The Chairman of the Committee, Prof. Bolaji Owasonoye proposed on Tuesday when he led a delegation to present an Interim Report to Vice President Yemi Osinbajo.
Urging for strict implementation of relevant laws including the AMCON Act, Owasonoye insisted that recalcitrant debtors should not be allowed to benefit from government contracts and projects except with due diligence clearance from AMCON.
“Between 2020 and 2021, AMCON made significant recoveries which are highlighted in the report. Within the period under review, AMCON witnessed 10% growth in the recovery performance across various asset classes.
“For instance, in the year, 2020, the sum of N146 Billion was recovered, while in 2021 the sum of N161 Billion was also recovered. The recovery outlook for 2022 is also looking positive and the Committee will not relent in its effort to engendering more recoveries.”
He added that the “Committee will continue its assignment with the institution of bankruptcy proceedings, tax infraction, inquiry as well as other strategies to ensure the obligors are brought under the recovery net of AMCON.”
The Chairman further noted that the Committee immediately commenced work upon inauguration, but the advent of the Covid-19 global pandemic inevitably slowed down the pace of activities and enforcement measures
While receiving the report, Prof. Osinbajo said the government would review it and act accordingly, observing that the issue of AMCON debtors doing further business with government agencies is a due diligence matter and there would have to be compliance with the requirements of the law.
The mandate of the Committee, which was inaugurated in September 2019 includes the review of the status of debt owed to AMCON, collating information relating to respective debtors and their current status, deliberating on practical, legal, and other strategies for the recovery of the outstanding debt, among others.
Members of the Inter-Agency Committee consist of representatives from various government agencies including the Independent Corrupt Practices and Other Related Offences Commission; Asset Management Corporation of Nigeria; Federal Ministry of Justice; Nigerian Financial Intelligence Agency; Nigerian Deposit Insurance Corporation; Central Bank of Nigeria; Department of State Services; and the Economic and Financial Crimes Commission.
The Spokesman for the Vice President, Laolu Akande said in a release that the meeting was attended by representatives of those agencies including the Managing Director/ Chief Executive Officer, of AMCON, Ahmed Kuru.
Dominica Nwabufo
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