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Osinbajo Inaugurates Committee To Recover N5tr AMCON Debts

Published

5 years ago

September 18, 2019

The Federal Government says it has taken another determined step in its bid to recover over N5 trillion outstanding debts owed the Asset Management Corporation of Nigeria (AMCON).

Vice President Yemi Osinbajo on Tuesday inaugurated an inter-agency committee to recover the N5 trillion debts owed the Asset Management Corporation of Nigeria (AMCON).A statement by the Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, disclosed this on Tuesday.

The statement said that members of the committee include heads and representatives of agencies such as AMCON; the Economic and Financial Crimes Commission; Nigerian Financial Intelligence Unit; the ICPC; Central Bank of Nigeria; Nigeria Deposit Insurance Corporation; and the Federal Ministry of Justice.

“One of the terms of reference is for the committee to prepare a report, giving us a sense of what the timelines will be” Osinbajo was quoted to have said.

The statement added that “about 67 per cent of the outstanding N5 trillion debt is said to be owed by just 20 individuals/entities.”