Senate passes amended AMCON bill, okays seizure of debtors’ assets

Written by on April 28, 2021

In a related development, the Senate has passed the Asset Management Corporation of Nigeria, AMCON Amendment bill.

The passage of the bill followed the consideration of a report by the Committee on Banking, Insurance, and Other Financial Institutions.

The amendment bill empowers the Corporation to take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security or collateral for obtaining the loan in particular.

It also empowers the corporation to access the Special Tribunal established by the Banks and Other Financial Institutions Act 2020, for dealing with financial related matters.

In his presentation, the Chairman of the Committee, Senator Uba Sani, said the Committee engaged with stakeholders such as AMCON; Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and Nigeria Deposit Insurance Corporation.

Senate President, Ahmad Lawan, called for voting on the clause, which was adopted by lawmakers in the majority, following Lawan’s ruling.


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