President Muhammadu Buhari has assented to a new Act that gives the Asset Management Corporation of Nigeria (AMCON) more power to enforce recovery of debt from prominent Nigerians and corporate organisations.

The President reportedly signed the amendment of the AMCON law on Wednesday, alongside the National Biosafety Management Agency (Amendment) Act and Defence Intelligence Agency Civilian Pensions Board (Establishment) Act, 2019.

According to a statement credited to the presidential aide on National Assembly, Senator Ita Enang, the new law empowers the Corporation to place any bank account or any other account comparable to a bank account of a debtor of an eligible financial institution under surveillance.

The details: The approval of the new law came weeks after a task force constituting all the antigraft agencies was set up by the Presidency, to fast track the effective recovery of the N5 trillion the corporation is battling with.

The details of the new law show that AMCON will obtain access to bank accounts, computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor.

Also, going by the new law, AMCON can now obtain information in respect of any private account together with all bank financial and commercial records of any debtor of any eligible financial institution, banking secrecy, and the protection of customer confidentiality is not a ground for the denial of the power of the Corporation under this section.
“It makes it mandatory for AMCON to, despite the convention of confidentiality of banking, business and contracting relations to furnish the Federal Government, Ministries, Departments and Agencies with a list of recalcitrant debtors and then impose an obligation to seek clearance on the Federal Government, Ministries, Departments and Agencies when the Federal Government, any Ministry, Department or Agency proposes to contract with, or pay debtors on the list furnished by the Corporation.”

The back story: Over 350 Nigerians are said to be responsible for over 80% of the N5 trillion debt profile of AMCON. The huge debts have lingered for several years.

Basically, AMCON was set-up by the Federal Government in 2010 to acquire non-performing loans from banks in order to ensure the viability of the country’s financial sector.
FG through the operation of the Central Bank of Nigeria (CBN) conceptualized the idea for the establishment of a body that will prevent the financial crisis in the country.
In October 2018, the corporation published about 20 names of corporations and agencies who hugely contribute to the debt.
Meanwhile, in recent times, AMCON has threatened to publish the full list and also release a documentary on prominent Nigerians who owe the corporation.

EFCC to the rescue: Meanwhile, the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has vowed to assist AMCON to recover monies being owed by individuals and business entities in Nigeria. The acting spokesman of the EFCC, Tony Orilade in a statement credited to Magu on Wednesday said,

“We are ready to work with you, and we will render assistance in terms of enforcement, in order to recover these loans, because they are affecting the economy of the country from flourishing.

“In order to recover these loans, there is the need for inter-agency collaboration, going beyond the EFCC to the police, the court, Central Bank of Nigeria, NDIC, because there is a need for AMCON to re-strategize and block loopholes.”

The bottom line: From the foregoing, AMCON is now empowered to blow hot on the debtors who are regarded as prominent Nigerians and big corporate organizations.

Already, AMCON announced the take over of two steel firms in Abuja and Calabar.

https://nairametrics.com/2019/08/08/n5-trillion-debt-buhari-approves-law-empowering-amcon-to-access-debtors-account/

Billionaire Debtors won't like this o

Good

Ok

Depts that will still be re looted.
Abacha loot
Danzieni loot
Dansuki loot
Ikoyi dollars
Yet nothing on ground.

This is actually a welcome development if the money realized will be spent judiciously.

[/quote][quote author=unite4real post=81068013]President Muhammadu Buhari has assented to a new Act that gives the Asset Management Corporation of Nigeria (AMCON) more power to enforce recovery of debt from prominent Nigerians and corporate organisations.

The President reportedly signed the amendment of the AMCON law on Wednesday, alongside the National Biosafety Management Agency (Amendment) Act and Defence Intelligence Agency Civilian Pensions Board (Establishment) Act, 2019.

According to a statement credited to the presidential aide on National Assembly, Senator Ita Enang, the new law empowers the Corporation to place any bank account or any other account comparable to a bank account of a debtor of an eligible financial institution under surveillance.

The details: The approval of the new law came weeks after a task force constituting all the antigraft agencies was set up by the Presidency, to fast track the effective recovery of the N5 trillion the corporation is battling with.

The details of the new law show that AMCON will obtain access to bank accounts, computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor.

Also, going by the new law, AMCON can now obtain information in respect of any private account together with all bank financial and commercial records of any debtor of any eligible financial institution, banking secrecy, and the protection of customer confidentiality is not a ground for the denial of the power of the Corporation under this section.
“It makes it mandatory for AMCON to, despite the convention of confidentiality of banking, business and contracting relations to furnish the Federal Government, Ministries, Departments and Agencies with a list of recalcitrant debtors and then impose an obligation to seek clearance on the Federal Government, Ministries, Departments and Agencies when the Federal Government, any Ministry, Department or Agency proposes to contract with, or pay debtors on the list furnished by the Corporation.”

The back story: Over 350 Nigerians are said to be responsible for over 80% of the N5 trillion debt profile of AMCON. The huge debts have lingered for several years.

Basically, AMCON was set-up by the Federal Government in 2010 to acquire non-performing loans from banks in order to ensure the viability of the country’s financial sector.
FG through the operation of the Central Bank of Nigeria (CBN) conceptualized the idea for the establishment of a body that will prevent the financial crisis in the country.
In October 2018, the corporation published about 20 names of corporations and agencies who hugely contribute to the debt.
Meanwhile, in recent times, AMCON has threatened to publish the full list and also release a documentary on prominent Nigerians who owe the corporation.

EFCC to the rescue: Meanwhile, the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has vowed to assist AMCON to recover monies being owed by individuals and business entities in Nigeria. The acting spokesman of the EFCC, Tony Orilade in a statement credited to Magu on Wednesday said,

“We are ready to work with you, and we will render assistance in terms of enforcement, in order to recover these loans, because they are affecting the economy of the country from flourishing.

“In order to recover these loans, there is the need for inter-agency collaboration, going beyond the EFCC to the police, the court, Central Bank of Nigeria, NDIC, because there is a need for AMCON to re-strategize and block loopholes.”

The bottom line: From the foregoing, AMCON is now empowered to blow hot on the debtors who are regarded as prominent Nigerians and big corporate organizations.

Already, AMCON announced the take over of two steel firms in Abuja and Calabar.

https://nairametrics.com/2019/08/08/n5-trillion-debt-buhari-approves-law-empowering-amcon-to-access-debtors-account/

Best way to go, these are people who are holding the masses ransom.

Ben Bruce on my mind

Good move.
People like Ifeanyi Uba were able to win elections with heavy debt hanging over their heads.

Let's see if the 'Paris Club' in the Nigerian Senate will grant him debt relief before the end of the 9th senate

20 trillion Naira he is owing nko?

AMCON should start with him as he is the biggest debtor

Hmm

pickatyou:
Dangote won't like this o

Dangote is not on the list

Debtors include Ben Bruce, Ifeanyi Ubah, Otedola/Zenon, Arik Air, Aero Contractors, Masters Energy etc

They are natural debtors..

pickatyou:
Dangote won't like this o

Dangote actually services his loans, its the likes of ifeanyi Uba that are in trouble.

Nigerianization:
Good move.
People like Ifeanyi Uba were able to win elections with heavy debt hanging over their heads.

Let's see if the 'Paris Club' in the Nigerian Senate will grant him debt relief before the end of the 9th senate

Even if they sell Capital Oil, it wouldn't still be enough to Pay Ifeanyi Ubah's debt.

He owes a debt in the region of N120 Billion and the market value of all his assets is less than that

pickatyou:
Dangote won't like this o

and who told you they will go close to dangote?

davodyguy:

Dangote is not on the list

Debtors include Ben Bruce, Ifeanyi Ubah, Otedola, Arik Air, Aero Contractors, Masters Energy etc

Thanks for the info

Better. The Bigmen keeps chopping our sovereign wealth unabated.

this is a good move from our able president. some few individuals cannot continue to hold us to ransom in this country.

Tired of this AMCON news. They should stop talking and go after those big men.

I too much believe in this present President ... now things are getting deeper gangangan...✍

Buhari is always my man when it comes to issue of anti corruption. What a bunch of sense in this new law. He simply nailed it all, except the money didn't pass through bank accounts.

So what's the essence of incorporation? I know people with low IQ will applaud this but this is very wrong ..There is a reason why companies are Incorporated and once Incorporated every company becomes a distinct individual before the law and assumes the identity of an entity. AMCON has no right to go after personal accounts of promoters of a company but can buy over debt and takeover the equity and assets of a company whose debt it has bought over .. For those asking is that how people will run away with bank loans please see answer to that below :

Ans: Its the onus of the bank to perform quality due diligence and risk assessment before going into a creditor debtor relationship with any Incorporated entity .

Many of those commenting do not realise that the money belong to banks, not government.

gabicon:


Dangote actually services his loans, its the likes of ifeanyi Uba that are in trouble.

nobody can totally service his her company's loan... Buhari will just scatter this country... him that he is owing 24trillion... if they decide to collect it by force... won't he eventually sell Nigeria?

bbamusa:
this is a good move from our able president. some few individuals cannot continue to hold us to ransom in this country.

he is scattering this country... there is almost no company that runs without debt... even America has debts... he should give them a time frame to get the money instead of this rubbish... if all this companies crumble who do u think it will affect the most? the owners or Nigerians... Buhari that is owing 25trillion... if they collect it this way ... do u think by tomorrow u won't see American. n England guards guarding our oil wells n collecting our oil till it finishes... that is also selling Nigeria...?
u av talk of the millions of job losses.
and increase in goods so they owners will make their money to pay Back.

u guys just comment like u guys do not go to school...

Everyone can now understand why there is increased insecurity in the land. Corruption fighting back.