ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Ley Your Dreams Come Alive – With FCMB Loans
Home Business

N5.4trn: Stubborn debtors in trouble as AMCON gets new debt recovery law

9th August 2019
in Business
0
Shake up in NNPC as Buhari appoints Kyari new GMD, 7 COOs
0
SHARES
221
VIEWS
Share on FacebookShare on Twitter

President Muhammadu Buhari has signed a new law which empowers the Asset Management Corporation of Nigeria (AMCON) to put the bank accounts of its debtors under supervision.

This was coming barely one week after Vice President Yemi Osinbajo, had set up a task force with a mandate to devise a strategy to recover the N5 trillion owed to the Corporation.

Among the Federal Government’s anti corruption  agencies tasked to go after the debtors are the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and the Federal Ministry of Justice.

Are you a Man 40 yrs and above? Do not miss the Vital Information, it goes off in 2 days! CLICH HERE to READ .

Muiz Banire, AMCON’s chairman, had earlier listed 20 individuals and companies that owe 67 percent of the N5.4 trillion debt to the the bad bank.

According to Mr Ita Enang, a presidential aide on National Assembly Matters, the new law signed as – AMCON (amendment) Act, 2019, empowers the Corporation to access the financial details of any of its debtors.

100% Natural Herbs to Finally End Premature Ejaculation, Weak Erection and Small Manhood. >>>Click Here for Details<<< .

He said the law mandates AMCON to: “Obtain access to any computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor, and to obtain information in respect of any private account together with all bank financial and commercial records of any debtor of any eligible financial institution, banking secrecy, and the protection of customer confidentiality is not a ground for the denial of the power of the corporation under this section.’’

Breaking!!! Earn up to N2 - N3 million monthly GUARANTEED (all paid in US Dollars). No training or refereal required. Do business with top USA companies like Amazon, Tesla, Facebook, IBM, Netflix, Zoom, etc. Learn more .

“It makes it mandatory for AMCON to, despite the convention of confidentiality of banking, business and contracting relations to furnish the Federal Government, ministries, departments and agencies with a list of recalcitrant debtors and then impose an obligation to seek clearance on the Federal Government, ministries, departments and agencies when the federal government, any ministry, department or agency proposes to contract with, or pay, debtors on the list furnished by the corporation.’’

According to Enang, the law also stipulates that: ‘’All money standing to the credits of the Corporation in any bank account is deemed to be in its custody and control. Where any proceeding is pending in any court of competent jurisdiction by or any AMCON, the grant of any interim, interlocutory or preservative order of attachment against the Corporation’s funds in any bank is prohibited. AMCON may require any eligible financial institution from which it has acquired an eligible bank asset or any director, manager or officer of such eligible financial institution to furnish information and produce documents, books, accounts and records in relation to any eligible bank asset acquired by the corporation from such eligible financial institution or in relation to the borrower or other obligator connected with such eligible bank asset.’’

Partner with me, let's get you making N500K to N500K a month! Skills open the doors to financial opportunities Click here to learn it .
Premature Ejaculation & "Small Joystick" Resolved in 7Days... Click Here For Details .
Rapheal

Rapheal

Related Posts

MTN, Dangote, others lead list of most admired brands in Nigeria
Business

MTN, Dangote, others lead list of most admired brands in Nigeria

26th May 2022
Nigeria has valid 7,200 mineral titles - NMCO
Business

Nigeria has valid 7,200 mineral titles – NMCO

26th May 2022
CBN RT200 policy: Fidelity Bank holds sensitisation seminar to drive non-oil exports in Edo
Business

CBN RT200 policy: Fidelity Bank holds sensitisation seminar to drive non-oil exports in Edo

26th May 2022
Next Post
AfDB

AfDB, AU sign $4.8m grant for AfCFTA secretariat

Anambra’ll assist UNIZIK become more competitive –Obiano 

Obiano commissions biggest oxygen plant in South East

Security: Enugu monarchs, town union PGs, pass vote of confidence in Ugwuanyi

Security: Enugu monarchs, town union PGs, pass vote of confidence in Ugwuanyi

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Highlights

Ekiti panel on monarchs’ upgrade concludes hearing

2023: Buhari pledges commitment to fair, peaceful elections

Rivers APC: Why I boycotted governorship primaries – Abe

PDP elects Mohammed Abacha, Sadiq Wali as Governorship candidates in Kano

PCN seals 520 medicine shops, pharmacies in seven Kwara LGAs

Osun Guber: NATA endorses Oyetola for second term, promises 10,000 votes

Trending

No room for defectors from major parties - ZLP
Elections

No room for defectors from major parties – ZLP

26th May 2022
0

From Stanley Uzoaru, Owerri Ahead of its June 1 slated presidential primaries, Zenith Labour Party (ZLP) has...

Omo-Agege

Delta guber: APC returns Omo-Agege as candidate

26th May 2022
PDP: PWDs seek slot in opposition party leadership

Road to 2023: NASS candidates strategic – PDP chieftains

26th May 2022
Ekiti panel on monarchs’ upgrade concludes hearing

Ekiti panel on monarchs’ upgrade concludes hearing

26th May 2022
Buhari hails Bello, Tallen at 63

2023: Buhari pledges commitment to fair, peaceful elections

26th May 2022

Follow us on social media:

Latest News

  • No room for defectors from major parties – ZLP
  • Delta guber: APC returns Omo-Agege as candidate
  • Road to 2023: NASS candidates strategic – PDP chieftains
  • Ekiti panel on monarchs’ upgrade concludes hearing
  • 2023: Buhari pledges commitment to fair, peaceful elections
  • Rivers APC: Why I boycotted governorship primaries – Abe
  • PDP elects Mohammed Abacha, Sadiq Wali as Governorship candidates in Kano
  • PCN seals 520 medicine shops, pharmacies in seven Kwara LGAs
  • Osun Guber: NATA endorses Oyetola for second term, promises 10,000 votes
  • Vandalism: AEDC workers risk life jail, dismissal
  • Operators demand nomenclature change for orphanage homes
  • Guber primaries: Prof Ibe threatens court action against Abia PDP
  • Sokoto: Guber Aspirants beg APC to adopt Direct Primaries
  • Delegates problem of Nigeria, says Raymond Edoh
  • Guber aspirant promises to build modular refineries in Abia
  • MTN, Dangote, others lead list of most admired brands in Nigeria
  • FG decries high rate of divorce, domestic violence, drug abuse
  • PDP presidential primaries: Diaspora group endorses Wike
  • Forex scarcity: NIMASA to entrench home-grown human capacity development
  • PDP primaries: Police deploy massively to prevent crisis

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Posting....