In a renewed and spirited effort to ensure the effective recovery of over N5 Trillion being outstanding debts owed the Asset Management Corporation of Nigeria (AMCON), a new task force has been set up to get the job done without fail.

Vice President Yemi Osinbajo, SAN, gave the indication during a meeting with board members and management of AMCON and selected heads of government agencies, at the Presidential Villa, Abuja on Monday evening.

Those agencies include the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and also the Permanent Secretaries of the Justice and Transport Ministries.

To this effect, a special task force/committee comprising of the Heads of AMCON, the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and the Ministry of Justice, will be working to develop and implement new strategies that will ensure that the determination of the FG to recover the money is speedily achieved.

Prof. Osinbajo said all the relevant agencies have to re-strategize 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," the VP directed.

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

It would be recalled that the Vice President had previously in May met with AMCON management to discuss how to resolve the issue.

According to the AMCON Chairman, Mr. Muiz Banire, SAN, almost 67 per cent of the outstanding N5tn debt is owed by just 20 individuals/entities.

Banire noted that the agency had been “trying its best in its attempt to recover this through the civil judicial process, but had encountered several challenges."

Also present at the meeting was the Acting Chairman of the EFCC, Ibrahim Magu; Chairman, ICPC, Prof. Bolaji Owasanoye; Director/Chief Executive, NFIU, Mr. Modibbo Tukur; Permanent Secretary, Federal Ministry of Transportation, Sabiu Zakari; and other senior government officials.


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
30th July, 2019

FTC

Bubu this one na for you.

Wailing will increase be that

67% of the 5trillion is owed by only 20 individuals/entities...
some few people will just sit at the top and be swallowing a nation's common wealth and the masses at the bottom be ass-licking for peanuts!

This is the Change we voted for.

No more business as usual.

No more impunity in our nation.

God bless our darling Daddy, President Muhammadu Buhari and his AMIABLE Vice President PROF YEMI OSINBAJO as they take our country to a New and better Nigeria.

SAI BABA : Father of all Nigerians!
Man of sane people!!:-*


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God bless Nigeria.
God bless Good Nairalanders.

As if they will use it for the good of the people of thisb country. Sharing the national cakes among themselves continues

c'mon!

Hmm

The Government should really recover the debt or our economy is going to get it.

This debt is the reason why banks cannot reduce interest rates....

Is ok

post=80793644:
This is the Change we voted for.

No more business as usual.

No more impunity in our nation.

God bless our darling Daddy, President Muhammadu Buhari and his AMIABLE Vice President PROF YEMI OSINBAJO as they take our country to a New and better Nigeria.

You might want to also thank good old GEJ...who set up AMCON in the first place (one of his few good ideas.).

WeRblessed:
As if they will use it for the good of the people of thisb country. Sharing the national cakes among themselves continues

Negative and pessimistic soul. You're destined for negativity.

Naijafull19:


You might want to also thank good old GEJ...who set up AMCON in the first place (one of his few good ideas.).

Did anyone insult GEJ here?

What have they done with all the ones they recovered through whistle blower policy?

greatiyk4u:
Wailing will increase be that

election is over u dummy

Stories like this make me wonder if this country will still continue to exist in years to come.

More brands are closing down due to bad policies. Not everyone loves to owe but when reality of this sic country hits you, there will be no shortcut.

Many people are already indebted due to the government's policies, staff greediness and many more. Honestly, I pray there won't be rampant suicide amongst the so call elite. Things are so worst this time around. I pray God heals all wound

Recover and loot

Can bad debt still be recovered when AMCON has taken receivership ? Do these people even understand the role of AMCON? Any debt that has entered certified toxicity is taken over by AMCON through receivership and it's left for AMCON to decide what it wants to do with takeover of such and organizations. All the bad loans AMCON deals with are 100 percent corporate most of the time so a lawyer like Osinbanjo should know better than try to tie such loans to individuals as this totally defeats the laws of incorporation in the first place.

AbuuBilaal:


Did anyone insult GEJ here?

Yeah, yeah...I haven't got the GEJ defence watch today.....

Sorry.

K

This is a good move although it would lead to more unemployment in the country, as this would lead t0 the sealing of many companies

greatiyk4u:
Wailing will increase be that

I can assure you there are many members of the saint party in the 105 top debtors list published by Amcon

FarahAideed:
Can bad debt still be recovered when AMCON has taken receivership ? Do these people even understand the role of AMCON? Any debt that has entered certified toxicity is taken over by AMCON through receivership and it's left for AMCON to decide what it wants to do with takeover of such and organizations. All the bad loans AMCON deals with are 100 percent corporate most of the time so a lawyer like Osinbanjo should know better than try to tie such loans to individuals as this totally defeats the laws of incorporation in the first place.

Well, what AMCON does is take over the business, property of the debtor...and use the revenue earned thereof to pay off the creditors...after assuming control via court order....or sells off assets to reclaim the debt.

At least that's my poor understanding.

mr Ben bruce. ex twitter senator, hope you've paid your taxes?

The second Niger bridge or railway is not good for the people ba ?

WeRblessed:
As if they will use it for the good of the people of thisb country. Sharing the national cakes among themselves continues

hisexcellency34:
What have they done with all the ones they recovered through whistle blower policy?

Egba meji ko kin jarawon niyan. Ti ikan ban puro ikeji amani baawa.

Egbas don't quarrel over lies. If one is lying the other will acknowledge by "thou sayeth"

Na joke o. Egba people.

hisexcellency34:
What have they done with all the ones they recovered through whistle blower policy?

Well, most of that money is the subject of court cases...so it can't be used till the case is over.

Some of it goes into...the budget.

AbuuBilaal:


Negative and pessimistic soul. You're destined for negativity.

If you know who you're quoting or abusing you would have wished your family be just 25% of me.

I expressed my openion based on the our history as a nation, and with the fact that since I was born and known this country, there has never been a leader with a genuine love for the people of this country. For example, the Senate and other politicians make billions of naira a month, but common #30'000 minimum wage they can't come to a common ground to pay. It's well my dear. God bless you.