AMCON Empowered To Sell Debtor-firms, VIPs’ Assets As Buhari Signs Bill

President Muhammadu Buhari has signed into law the Asset Management Corporation of Nigeria (Amendment) Act, amending the AMCON Act No.4, 2010.

The development means AMCON has now been empowered to take possession, manage, and sell the assets and property of its bad debtors.

Buhari signed two bills passed by the National Assembly into law on Thursday. He also signed the Climate Change Bill into law.

The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed this in a statement titled, ‘President Buhari signs climate change, AMCON (amendment) bills into law.’

According to Shehu, the Climate Change Act owes its origin to a bill sponsored by a member of the House of Representatives, Sam Onuigbo, and provides for, among other things, the mainstreaming of climate change actions and the establishment of a National Council on Climate Change.

It also paves the way for environmental and economic accounting and a push for a net zero emission deadline plan in the country.

The Asset Management Corporation of Nigeria (Amendment) Act amends the AMCON Act No.4, 2010.

The AMCON Act also provides for the extension of the tenor of the Resolution Cost Fund and grants access to the Special Tribunal established by the Banks and other Financial Institutions Act 2020, which confers on the corporation the power “to take possession, manage, foreclose or sell, transfer, assign or otherwise deal with the asset or property used as security for eligible bank assets and related matters.’’

“This, in effect, will enable AMCON make recoveries and for debtors to fulfil their commitments to banks,” the statement said.