FG Tasks Panel to Recover N5trn AMCON Debt

By Adedapo Adesanya

In the bid to recover the N5 trillion debt owed to the Asset Management Company of Nigeria (AMCON), the Federal Government of Nigeria has set up a committee made up of inter-agency members to achieve this.

This was disclosed in a statement by Vice President, Mr Yemi Osinbajo, through his Senior Special Assistant (SSA) on Media and Publicity, Mr Laolu Akande, on Tuesday.

The committee members are made up of heads and representatives of agencies such as AMCON; the Economic and Financial Crimes Commission (EFCC); Nigerian Financial Intelligence Unit; the Independent Corrupt Practices Commission (ICPC); Central Bank of Nigeria; Nigeria Deposit Insurance Corporation; and the Federal Ministry of Justice.

The Vice President directed the committee on its targets and said that he expects to receive reports of their progress.

“One of the terms of reference is for the committee to prepare a report, giving us a sense of what the timelines will be. About 67 percent of the outstanding N5 trillion debt is said to be owed by just 20 individuals/entities,” the statement said.

AMCON has stated that if the debt is not recovered, Nigeria’s financial sector may be heading towards another era of high non-performing loans which will affect the economy.

In a previous article, Business Post had reported that AMCON had threatened to publish the full list and released a documentary on prominent Nigerians who still owe the corporation but this line of action has not been resorted to.