The House of Representatives, on resumption from the Christmas and New Year recess next Tuesday, is expected to commence debate on a bill which seeks to give additional powers to Assets Management Corporation of Nigeria (AMCON) to recover funds from defaulting obligor(s). Reports showed that the Corporation has so far acquired non-performing loans (NPL) from eligible financial institutions to the tune of N5 trillion, out of which 80 per cent is owed by 350 individuals. The bill which was sponsored by the Deputy Chief Whip, Hon. Nkeiruka Onyejeocha, has been gazetted for second reading, with the view to amending sections 6, 9, 19, 34, 35, 43, 45, 55, 60 and 61 of the AMCON Principal Act. “All monies held by the Corporation, pursuant to the exercise of its duties, powers and functions under this Act, shall be deemed to be in the custody and control of the Corporation, notwithstanding that such monies are held in a bank account.

Source: Nigerian Tribune January 26, 2020 17:15 UTC