*As Senate passes amended AMCON bill
The Upper Chamber of the National Assembly has passed the bill that empowers the Federal Government through the Asset Management Corporation of Nigeria (AMCON) to seize all the assets including non-collateral of defaulters of bad debts.
This was one of the resolutions of the Senate at Wednesday’s Plenary Session.
According to the resolution signed by the Special Assistant (Press) to the Senate President, Ezrel Tabiowo, on Wednesday.
“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.”
The bill was passed after a back and forth argument with members of the parliament.
The Chairman of the Committee on Banking, Insurance and Other Financial Institutions, Senator Uba Sani (APC, Kaduna Central), 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 Nigeria Deposit Insurance Corporation (NDIC).
The bill was signed after majority of the legislators voted in favour of its adoption.