Osinbajo moves to recover N5trn AMCOM debt, inaugurates inter-agency recovery force

Vice-President Yemi Osinbajo on Tuesday took the bull by the horn to recover the N5 trillion debts owed the Asset Management Corporation of Nigeria (AMCON).

This came as he inaugurated inter-agency that was expected to carry out the operation immediately.

A statement by his Senior Special Assistant (SSA) on Media and Publicity, Laolu Akande, announced the development in Abuja.

Read also: Communications Minister Pantami warns NCC over SIM card registration

According to the statement, 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 Independent Corrupt Practices and Other Related Offences Commission (ICPC), Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) 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 time lines will be,” Osinbajo said.

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

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now