FG sets up committee to recover N5trn owed AMCON

The federal government has set up a task force to recover the over N5 trillion outstanding debt owed the Asset Management Corporation of Nigeria (AMCON).

Vice President Yemi Osinbajo disclosed this during a meeting with board members and management of AMCON and selected heads of government agencies, at the Presidential Villa, Abuja on Monday evening.

The agencies he met with included the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and also the Permanent Secretaries of the Justice and Transport Ministries.

Also present at the meeting were the Acting Chairman of the EFCC, Ibrahim Magu; Chairman, ICPC, Prof. Bolaji Owasanoye; Director/Chief Executive, NFIU, Mr Modibbo Tukur; Permanent Secretary, Federal Ministry of Transportation, Sabiu Zakari; and other senior government officials.

The special/committee task force is made up of the Heads of AMCON, the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and the Ministry of Justice.

It will be work to develop and implement new strategies that will ensure that the determination of the FG to recover the money is speedily achieved.

Osinbajo was confident that the new push would achieve the desired result.

He has directed relevant agencies to collaborate in a determined bid to go after 20 top defaulting entities & individuals, warning that criminal procedures will now be applied to defaulters.

Osinbajo said all the relevant agencies have to re-strategize to achieve the desired results.

“The key is collaboration. We need a small team comprising these agencies to look at the next steps that we need to take, especially the criminal aspect, forfeiture, and all of that,” the Vice President directed.

He said the task force should look at the top 20 AMCON defaulters closely and develop a plan of action that brings results.

It would be recalled that the Vice President had previously in May met with AMCON management to discuss how to resolve the issue.

AMCON Chairman, Muiz Banire, has stated that almost 67 per cent of the outstanding N5tn debt is owed by just 20 individuals/entities.

Banire noted that the agency had been “trying its best in its attempt to recover this through the civil judicial process, but had encountered several challenges.”

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