The Asset Management Corporation of Nigeria says it has recovered a total of N307 billion debts between 2020 and 2021.
An inter-agency committee set up on the recovery of debts
owed to the Asset Management Corporation of Nigeria led by its Chairman, Prof.
Bolaji Owasonoye, SAN, who is also the Chairman of the Independent Corrupt
Practices Commission, stated this while submitting its interim report to Vice
President, Yemi Osinbajo, SAN, on Wednesday at the Presidential Villa.
In a report submitted to the Federal Government, the
Commission urged strict implementation of relevant laws, including the AMCON
Act, that ensures that recalcitrant debtors cannot benefit from government
contracts and projects except with due diligence clearance from AMCON.
According to statement released by the Senior Special
Adviser to the Vice-President on Media and Publicity, Laolu Akande, Prof.
Osinbajo said the government would review it and act accordingly, observing
that the issue of AMCON debtors doing further business with government agencies
was a due diligence matter and there would have to be compliance with the requirements
of the law.
Specifically, the Committee proposed an advisory to the
Federal Government that going forward, “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,”
according to Prof. Owasonoye, who presented the report to the vice president.
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 per cent 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 mandate of the committee, which was inaugurated in
September 2019, included the review of status of debt owed to AMCON, collation
information relating to respective debtors and their current status, 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.
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