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Nigeria adopts new approaches to repay AMCON’s 16.5-billion-dollar debt

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Vice President Yemi Osinbajo has directed that new approaches be adopted to recover the 16.5-billion-dollar debt owed to the Assets Management Corporation of Nigeria (AMCON).

While speaking in Abuja on Tuesday, 30 July 2019, the spokesman of the vice president, Laolu Akande, said that the directive was part of the Federal Government’s renewed effort to ensure the effective recovery of the outstanding debts owed to AMCON.

Osinbajo had met with the board members and management of AMCON and selected heads of government agencies at the Presidential Villa, following which a new committee was set up to carry out the assignment.

The agencies include the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices Commission (ICPC) and the permanent secretaries of the Ministries of Justice and Transportation.

Osinbajo said a special task force/committee comprising the Heads of AMCON, EFCC, NFIU, ICPC and the Ministry of Justice, would be working to develop and implement new strategies that would ensure speedy recovery of the debts.

The vice president said all the relevant agencies had to re-strategise to achieve the desired results.

“The key is collaboration. We need a small team comprising these agencies to look at the next steps that we need to take, especially the criminal aspect, forfeiture, and all of that,” he said.

He said that the task force should look at the top 20 AMCON defaulters closely and develop a plan of action that would bring results.

In May, the vice president met with AMCON management to discuss how to resolve the issue.

The AMCON Chairman, Muiz Banire, said that almost 67 percent of the outstanding debt was owed by 20 individuals/entities.

Banire noted that the agency has been trying its best to recover the debts through the civil judicial process but has encountered several challenges.




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