FG Inaugurates Inter-Agency Task Force To Recover N5tr AMCON Debt

As part of its determination to recover the over N5tr outstanding debts owed the Asset Management Corporation of Nigeria (AMCON), the Federal Government, on Monday, formally inaugurated an inter-agency committee to speedily resolve the challenges militating against the process.
The committee is expected to, among others, review the current status of AMCON debts, deliberate on practical, legal and other strategies for its recovery, and prepare a report, which will include a debt recovery work plan with specific timelines for completion.
Speaking during the inauguration ceremony at the Presidential Villa, Abuja, Vice President Yemi Osinbajo, urged the committee chaired by Prof. Bolaji Owasanoye, Chairman, Independent Corrupt Practices and other related offences Commission (ICPC), to address the situation where debtors continue to default on their payment obligations. A statement by Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, said about 67% of the debt is owed by just 20 individuals/entities.
“One of the Terms of Reference is for the Committee to prepare a report, giving us a sense of what the timelines would be,” the VP said, just as the body is expected to consider other options, including taking enforcement measures to ensure recovery.
Membership of the committee was drawn from AMCON, the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the ICPC, Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), and the Federal Ministry of Justice.
He expressed confidence in the expertise of the team to carry out the task ahead and the ability of the committee to change the whole narrative, given the kind of individuals selected as members.
The chairman of the inter-agency Committee thanked the Vice President for the confidence reposed in the group, stating that members would do their best to recover most of the debts.