Thread by @NGRPresident

OFFICE OF THE VICE PRESIDENT
PRESS RELEASE

@NigeriaGov SETS UP INTER-AGENCY TASK FORCE ON 5 TRILLION NAIRA AMCON DEBT RECOVERY

#Thread

.@NigeriaGov has taken another determined step in its bid to recover over N5 Trillion outstanding debts owed the Asset Management Corporation of Nigeria (AMCON), with the formal inauguration of an inter-agency Committee to speedily resolve the challenges in recovering the debts.

Vice President @ProfOsinbajo inaugurated the Committee on Monday at the Presidential Villa, Abuja, tasking its members to turn the tide in what has been a rather difficult process where debtors have continued to default in their payment obligations.

About 67 per cent of the outstanding N5tn AMCON debt is said to be owed by just 20 individuals/entities.

“One of the Terms of Reference is for the Committee to prepare a report, giving us a sense of what the timelines would be,” the Vice President noted.

Following the challenges encountered from the debt-recovery processes and the very limited results so far, the Committee is expected to consider other options, including taking enforcement measures in actually recovering the debts.

Charging the Committee, which would be chaired by the Chairman, Independent Corrupt Practices and other related offences Commission (@ICPC_PE), Prof. Bolaji Owasanoye, the Vice President expressed confidence in the expertise of the team to carry out the task ahead.

“I congratulate you on the very onerous task that has been set, to render this service. I know that, given the kind of individuals here, you will definitely turn this whole narrative around. So, I wish you all very well,” he said.

Members of the Committee include heads & reps of agencies such as AMCON, Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), ICPC, Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), & Federal Ministry of Justice.

The Cttee, among other related tasks, is expected to review status of debts owed AMCON;deliberate on practical, legal & other strategies for recovery of the outstanding debts, & prepare a report, which will include a debt recovery work plan with specific timelines for completion.

The Chairman of the inter-agency Committee thanked the Vice President for the confidence reposed in the group, stating that members would do their best to recover most of the debts. //