Nigerian govt sets up task force to recover over N5 trillion AMCON debts

Vice President Yemi Osinbajo has disclosed that the Nigerian government has set up a task force to ensure effective recovery of over N5 trillion being outstanding debts owed the Asset Management Corporation of Nigeria (AMCON).

Speaking during a meeting with board members and management of AMCON and selected heads of government agencies, at the Presidential Villa, Abuja on Monday evening, Osinbajo said the task force will monitor the top 20 debtors on AMCON’s list.

According to a statement released by Laolu Akande, the vice president’s spokesman, the agencies tasked to go after the debtors are Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and the permanent secretaries of the justice and transport ministries.

The Vice President told all the agencies to re-strategize to achieve the desired results.

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“The key is collaboration. We need a small team comprising these agencies to look at the next steps that we need to take, especially the criminal aspect, forfeiture, and all of that,” he said.

According to Muiz Banire, AMCON chairman, 67% of the N5 trillion debt is owed by the top 20 debtors.

Some of the stakeholders present at the meeting were Ibrahim Magu, the acting chairman of the EFCC; Bolaji Owasanoye ICPC chairman; Modibbo Tukur, NFIU director; Sabiu Zakari, Permanent Secretary at the ministry of transportation.

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