Economy
Senate Empowers AMCON to Seize Debtors’ Assets
By Aduragbemi Omiyale
The powers of the Asset Management Corporation of Nigeria (AMCON) have been expanded following the passage of the Asset Management Corporation of Nigeria Amendment bill on Wednesday by the Senate.
The passage of the piece of legislature will empower the agency to seize assets belonging to debtors even if it was not used as collateral for securing a loan.
AMCON was established by the federal government to buy over bad debts and it was because of the rising non-performing loans (NPLs) in the banking sector in Nigeria some years ago.
The government, worried that bad debts could crash the financial sector, set up the agency, which began to acquire these debts.
In 2019, the organisation said the total debts yet to be recovered were about N5.4 trillion and they were owed by some powerful Nigerians.
Early this year, the Group Head of Enforcement at AMCON, Mr Joshua Ikioda, had said at a two-day training for Federal High Court legal assistants and court registrars in Abuja that about N1 trillion has been recovered in two years.
“The N4.4 trillion held by AMCON is bigger than the N3.85 trillion capital expenditure budget of the federal government for 2021, the N3.12 trillion for total foreign debt service and personnel cost of N3.7 trillion,” he had disclosed, adding that 360 debtors represent 80 per cent of the N4.4 trillion of the total outstanding debt to the corporation.
In order to assist the agency to recoup these funds, the upper chamber of the National Assembly made a law to allow it to take possession of properties of debtors.
The red chamber of the parliament also gave AMCON the authority to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters.
Today, the Senate Committee on Banking, Insurance and Other Financial Institutions chaired by Mr Uba Sani submitted its report.
Mr Sani informed his colleagues that during engagements with stakeholders in the financial sector, it was agreed that there was the need for the agency to be empowered to take possession, manage, foreclose or sell, transfer, assign or otherwise of property used as collateral for eligible bank assets among others.
But Senator Chukwuka Utazi opposed the seizure of assets traced to debtors, arguing that these bad debts were in the first place a product of the collaboration between the banks and their debtors.
On his part, the Deputy Senate President, Mr Ovie Omo-Agege, said he was not pleased with the idea of AMCON taking possession of assets not used as collateral for such loans in the first place.
“The essence of collateral is that when you default in payment, you lose that asset but what I am reading here is that in addition to seizing that asset, AMCON wants to go beyond that to every other asset or property that is traceable to the debtor. I think I need some clarifications to that,” he submitted.
In explaining the rationale behind this, Senator Adamu Aliero said the idea is to have stringent measures in place for the recovery of debts.
“If you can recall, during debate on this bill, Senators made it abundantly clear that these debtors are taking government money and they are using it freely and going free and we need stringent measures to be enforced to recover the money,” the lawmaker explained.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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