FG raises inter-agency task force on N5TRN AMCON debt recovery

The Federal Government has inaugurated an inter-agency Committee to speedily resolve the challenges in recovering the over N5 Trillion outstanding debt owed the Asset Management Corporation of Nigeria (AMCON)

Vice President Yemi Osinbajo, SAN, inaugurated the Committee at the Presidential Villa, Abuja, urging its members to turn the tide in what has been a rather difficult process where debtors have continued to default on their payment obligations.

The Committee is headed by the Chairman of  Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye as the chairman.

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A statement by the Senior Special Assistant to the President on Media & Publicity, Mr Laolu Akande on Tuesday in Abuja said  67 per cent of the outstanding N5 trillion debt is said to be owed by just 20 individuals/entities.

Osinbajo noted that one of the Terms of Reference was for the Committee to prepare a report, providing the government with a sense of what the timelines would be.

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 debt.

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 debt 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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