Osinbajo
The
Federal Government has taken another determined step in its bid to
recover over N5 Trillion outstanding debts owed the Asset Management
Corporation of Nigeria (AMCON), with the formal inauguration of an
inter-agency Committee to speedily resolve the challenges in
recovering the debts.
Vice President Yemi Osinbajo, SAN, inaugurated the Committee on Monday at the Presidential Villa, Abuja, tasking its members to turn the tide in what has been a rather difficult process where debtors have continued to default in their payment obligations.
Vice President Yemi Osinbajo, SAN, inaugurated the Committee on Monday at the Presidential Villa, Abuja, tasking its members to turn the tide in what has been a rather difficult process where debtors have continued to default in their payment obligations.
About 67 per cent of the
outstanding N5tn debt is said to be owed by just 20
individuals/entities.
“One of the Terms of Reference
is for the Committee to prepare a report, giving us a sense of what
the timelines would be,” the VP noted.
Following the
challenges encountered from the debt-recovery processes and the very
limited results so far, the Committee is expected to consider other
options, including taking enforcement measures in actually recovering
the debts.
Charging the Committee, which would be chaired by the Chairman, Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye, the VP expressed confidence in the expertise of the team to carry out the task ahead.
“I congratulate you on the very onerous task that has been set, to render this service. I know that, given the kind of individuals here, you will definitely turn this whole narrative around. So, I wish you all very well,” he said.
Charging the Committee, which would be chaired by the Chairman, Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye, the VP expressed confidence in the expertise of the team to carry out the task ahead.
“I congratulate you on the very onerous task that has been set, to render this service. I know that, given the kind of individuals here, you will definitely turn this whole narrative around. So, I wish you all very well,” he said.
Members
of the Committee include heads and representatives of agencies such
as AMCON, the Economic and Financial Crimes Commission (EFCC),
Nigerian Financial Intelligence Unit (NFIU), the ICPC, Central Bank
of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), and
the Federal Ministry of Justice.
The Committee, among other related tasks, is expected to review the status of debts owed to AMCON, deliberate on practical, legal and other strategies for the recovery of the outstanding debts, and prepare a report, which will include a debt recovery work plan with specific timelines for completion.
The Chairman of the inter-agency Committee thanked the Vice President for the confidence reposed in the group, stating that members would do their best to recover most of the debts
The Committee, among other related tasks, is expected to review the status of debts owed to AMCON, deliberate on practical, legal and other strategies for the recovery of the outstanding debts, and prepare a report, which will include a debt recovery work plan with specific timelines for completion.
The Chairman of the inter-agency Committee thanked the Vice President for the confidence reposed in the group, stating that members would do their best to recover most of the debts
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