Wednesday, September 18, 2019

FG inaugurates panel to recover N5tn AMCON debts

The Federal Government has inaugurated an inter-agency committee to recover N5tn debt owed the Asset Management Corporation of Nigeria

Vice-President Yemi Osinbajo inaugurated the committee in Abuja, a statement by his Senior Special Assistant on Media and Publicity, Mr Laolu Akande, said on Tuesday.

The Chairman of the Independent Corrupt Practices and other related Offences Commission, Prof. Bolaji Owasanoye, heads the committee.


Members of the committee include heads and representatives of AMCON, Economic and Financial Crimes Commission, Nigerian Financial Intelligence Unit, ICPC, Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, and the Federal Ministry of Justice.

 “One of the terms of reference is for the committee to prepare a report, giving us a sense of what the time lines will be,” the VP was quoted as telling the members.

“About 67 per cent of the outstanding N5tn debt is said to be owed by just 20 individuals/entities”, the statement added.

The VP said the government had confidence in the agencies to deliver, using every available legal method.

 Osinbajo said, “I know that given the kind of individuals here, you will definitely turn this whole narrative around. So, I wish you all very well.”

 Prof. Owasanoye assured the VP that the panel would carry out the assignment dutifully.

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