You cannot copy content of this page
Dried Crayfish Export from Nigeria:Made Easy

Dried Crayfish Export from Nigeria:Made Easy

Dried Crayfish is one of the foodstuffs currently being exported from Nigeria to countries in Europe, America and Asian More »

How to export Ginger from Nigeria and Make Huge Profit

How to export Ginger from Nigeria and Make Huge Profit

The demand for Ginger in the international market has gone up significantly because the root is now being used as raw material in manufacturing process. More »

Make Millions of Naira through Cashew Export from Nigeria.

Make Millions of Naira through Cashew Export from Nigeria.

The export of cashew nuts and other agricultural commodities from Nigeria is fast becoming very lucrative these days; More »

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits More »

Start A Profitable Groundnut Oil Production Business in Nigeria

Start A Profitable Groundnut Oil Production Business in Nigeria

The high demand for groundnut oil nationwide and the short fall in supply due to the ban on the importation of the product by the federal government of Nigeria has thus make Groundnut oil production business very lucrative. More »

 

FG constitutes task force to recover N5trn AMCON debt

The Federal Government has inaugurated an Inter-Agency Task Force in its bid to recover over N5 Trillion outstanding debts owed the Asset Management Corporation of Nigeria (AMCON).

The task force, chaired by the Chairman, Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye, was constituted to resolve the challenges in recovering the debts.Vice President Yemi Osinbajo, who inaugurated the committee on Monday at the Presidential Villa, Abuja, challenged the team to change the current ‘difficult process’ where debtors continue to default in their payment obligations. About 67 per cent of the outstanding N5tn debt is said to be owed by just 20 individuals/entities.

Osinbajo, who voiced confidence in the expertise of the team to carry out the task ahead, said “one of the terms of reference is for the committee to prepare a report, giving us a sense of what the timelines would be.”.

“I congratulate you on the very onerous task that has been set, to render this service. I know that, given the kind of individuals here, you will definitely turn this whole narrative around. So, I wish you all very well,” he said in a statement issued yesterday by Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President.

The chairman of the inter-agency committee, who thanked the vice president for the confidence reposed in them, said the team would do its best to recover most of the debts.

The committee, among other related tasks, is expected to review the status of debts owed to AMCON, deliberate on practical, legal and other strategies for the recovery of the outstanding debts, and prepare a report, which will include a debt recovery work plan with specific timelines for completion.

READ  AMCON may disengage asset management partners slow in recovering N740bn debt

The committee is also expected to consider other options, including taking enforcement measures “in actually recovering the debts, following the challenges encountered from the debt-recovery processes and the very limited results so far.”

Members of the committee include heads and representatives of agencies such as 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.

Leave a Reply

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