An inter-agency committee set up on the recovery of debts owed to the Asset Management Corporation of Nigeria (AMCON) has submitted its report to the Federal Government and is urging for strict implementation of relevant laws including the AMCON Act. The Act disqualifies recalcitrant debtors from benefitting from government contracts and projects without AMCON’s due diligence clearance.
The committee, led by its Chairman, Prof. Bolaji Owasonoye, a Senior Advocate of Nigeria, stated this while submitting its Interim Report to Vice President Yemi Osinbajo on Wednesday at the Presidential Villa.
Owasonoye is also the Chairman of the Independent Corrupt Practices Commission (ICPC).
While receiving the report, Osinbajo said that the government would act accordingly, observing that the issue of AMCON debtors doing further business with government agencies is a due diligence matter and there would have to be compliance with the requirements of the law.
Owasonoye said that the committee proposed to the Federal Government that “all AMCON debtors must not be allowed to transact business or enjoy patronage with any government agency whatsoever, except clearance is obtained from AMCON on the debt status of such obligors”.
He stated that “between 2020 and 2021, AMCON made significant recoveries which is highlighted in the report. Within the period under review, AMCON witnessed 10 percent growth in the recovery performance across various asset classes. For instance, in the year, 2020, the sum of N146 Billion was recovered, while in 2021 the sum of N161 Billion was also recovered. The recovery outlook for 2022 is also looking positive and the committee will not relent in its effort in engendering more recoveries”.
He added that the “committee will continue its assignment with the institution of bankruptcy proceedings, tax infraction, inquiry as well as other strategies to ensure the obligors are brought under the recovery net of AMCON”.
The committee was inaugurated in September 2019 with the mandate to review of status of debt owed to AMCON, collate information relating to respective debtors and their current status, and deliberate on practical, legal and other strategies for the recovery of the outstanding debt, among others.
The Chairman further noted that the committee immediately commenced work upon inauguration, but the advent of the COVID-19 global pandemic inevitably slowed down the pace of activities and enforcement measures.
Members of the Inter-Agency committee consist of representatives of various government agencies including the ICPC; Asset Management Corporation of Nigeria; Federal Ministry of Justice; Nigerian Financial Intelligence Agency; Nigerian Deposit Insurance Corporation; Central Bank of Nigeria; Department of State Services; and the Economic and Financial Crimes Commission.
The meeting was attended by representatives of those agencies including AMCON’s Managing Director/Chief Executive Officer, Ahmed Kuru.
