Senate Passes AMCON Amendment Bill

 Senate Passes AMCON Amendment Bill

The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment bill.

The passage of the Bill followed the consideration of a report by the Committee on Banking, Insurance, and Other Financial Institutions.

The amendment bill passed by the Chamber empowers the Assets Management Corporation of Nigeria to, amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular.

It also empowers the Corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters.

Chairman of the Committee, Senator Uba Sani in his presentation said the Committee engaged with Stakeholders such as AMCON, Federal Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and the Nigeria Deposit Insurance Corporation.

TINU

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