AMCON Debt Recovery Committee Gives Osinbajo Report

Date:

Vice President Yemi Osinabjo has received reports from the inter-agency committee that was set up by the Federal Government on the recovery of debts owed to the Asset Management Corporation of Nigeria(AMCON). Osinbajo’s spokesman, Laolu Akande, in a statement acknowledged that the committee led by Prof. Bolaji Owasanoye, submitted its Interim report to the vice president at the Presidential Villa in Abuja.

The report spoke for strict implementation of relevant laws; including the AMCON Act, that ensured that the debtors will not benefit from government contracts and projects except with due clearance from AMCON. The report proposed that going forward, all AMCON debtors must not be allowed to transact business or enjoy patronage with any government agency.

“Between 2020 and 2021, AMCON made significant recoveries which is highlighted in the report. Within the period under review, AMCON witnessed 10 per cent 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 in engendering more recoveries. 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,” Prof. Owasanoye said.

The meeting was attended by the Managing Director/ Chief Executive Officer, AMCON, Ahmed Kuru (NAN), amongst other representatives from agencies.

 

 

 

 

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