From Juliana Taiwo-Obalonye, Abuja
The Federal Government has received the interim report of an inter-agency committee established to recover debts owed to the Asset Management Corporation of Nigeria (AMCON).
Vice President Yemi Osinbajo stated that the government would review the report and take appropriate action after receiving it on Wednesday at the Presidential Villa in Abuja. He added that the issue of AMCON debtors conducting additional business with government agencies is a matter of due diligence and that legal requirements must be followed.
The Committee, headed by Chairman of the Independent Corrupt Practices Commission (ICPC), Prof. Bolaji Owasonoye, urged for strict application of pertinent laws, such as the AMCON Act, which ensures that recalcitrant debtors are prohibited from receiving government contracts and projects without receiving due diligence approval from AMCON.
According to a statement issued by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Mr Laolu Akande, the Committee proposed an advisory to the Federal Government that going forward, “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”.
He stated that “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.”
He added that the “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.”
The Committee’s mandate, which was established in September 2019, involves, among other things, reviewing the state of debt owing to AMCON, gathering data on specific debtors and their present situation, and debating practical, legal, and other measures for recovering the unpaid debt.
The Chairman also mentioned that the Committee got right to work after its establishment, but that the COVID-19 global epidemic inexorably slowed down both activity and enforcement.
Members of the Inter-Agency Committee consist of representatives from various government agencies including the Independent Corrupt Practices and Other Related Offences Commission; Asset Management Corporation of Nigeria; Federal Ministry of Justice; Nigerian Financial Intelligence Agency; Nigerian Deposit Insurance Corporation; Central Bank of Nigeria; Department of State Services; and the Economic and Financial Crimes Commission.
The meeting was attended by representatives of those agencies including the Managing Director/ Chief Executive Officer, AMCON, Ahmed Kuru.