An inter-agency committee set up on the recovery of debts owed to the Asset Management Corporation of Nigeria (AMCON) has submitted its report to Vice President Yemi Osinbajo.
Members of the Committee led by its Chairman, Professor Bolaji Owasonoye, who is also the chairman of the Independent Corrupt Practices and other related Offences Commission (ICPC) submitted the report to Osinbajo in his office at at the Presidential Villa in Abuja Wednesday.
The committee called for strict implementation of relevant laws including the AMCON Act that ensures that recalcitrant debtors do not benefit from government contracts and projects except with due diligence clearance from AMCON.
Specifically, the committee proposed that “all AMCON debtors must not be allowed to transact business or enjoy patronage with any government agency whatsoever, except clearance is obtained from AMCON on the debt status of such obligors,” according to Owasonoye, who presented the Interim Report to the Vice President.
“Between 2020 and 2021, AMCON made significant recoveries which is highlighted in the report. Within the period under review, AMCON witnessed 10% growth in the recovery performance across various asset classes. For instance, in the year, 2020, the sum of N146 Billion was recovered, while in 2021 the sum of N161 Billion was also recovered. The recovery outlook for 2022 is also looking positive and the Committee will not relent in its effort in engendering more recoveries.
“Committee will continue its assignment with the institution of bankruptcy proceedings, tax infraction, inquiry as well as other strategies to ensure the obligors are brought under the recovery net of AMCON,” he said.
While receiving the report, Osinbajo said the federal government would review it and act accordingly.
He said the issue of AMCON debtors doing further business with government agencies is a due diligence matter.