Wednesday, December 7, 2022

AMCON debt recovery committee submits report to Osinbajo

The inter-agency committee set up by the federal government on the recovery of debts owed AMCON has submitted its report to Vice President Yemi Osinabjo.

• November 10, 2022
Vice President Yemi Osinabjo and AMCON

The inter-agency committee set up by the federal government on the recovery of debts owed to the Asset Management Corporation of Nigeria (AMCON) has submitted its report to Vice President Yemi Osinabjo.

Osinbajo’s media aide Laolu Akande, in a statement, said the committee, led by Bolaji Owasanoye, submitted its Interim report to the vice president on Wednesday at the Presidential Villa, Abuja.

Mr Owasonoye is also the Chairman of the Independent Corrupt Practices Other Related Offences Commission (ICPC).

The report urged for strict implementation of relevant laws, including the AMCON Act, that ensured that the recalcitrant debtors could not benefit from government contracts and projects except with due diligence clearance from AMCON.

The report advised the federal government that in the future, all AMCON debtors must not be allowed to transact business or enjoy patronage from government agencies.

“Between 2020 and 2021, AMCON made significant recoveries which are highlighted in the report. Within the period under review, AMCON witnessed 10 per cent growth in the recovery performance across various asset classes,” stated Mr Owasanoye. “For instance, in the year 2020, the sum of N146 billion was recovered, while in 2021 the sum of N161 billion was also recovered.”

According to him, the recovery outlook for 2022 is positive, pledging that the committee will continue its assignment with the institution of bankruptcy proceedings, tax infractions, inquiry, and other strategies to ensure the obligors are brought under the recovery net of AMCON.

The committee’s mandate, inaugurated in September 2019, includes the review of the status of debt owed AMCON, collating information relating to respective debtors and their current status, and deliberating on practical, legal and other strategies for the recovery of the outstanding debt, among others.

While receiving the report, Mr Osinbajo said the government would review it and act accordingly.

He observed 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.


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