The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill.
This followed the adoption of the report of the Senate Committee on Banking, Insurance, and Other Financial Institutions at plenary on Wednesday.
Presenting the report, Sen. Uba Sani, Chairman of the Committee, said the committee engaged stakeholders before the conclusion of the report.
These stakeholders include AMCON, Ministries of Finance, Budget and National Planning, Central Bank of Nigeria(CBN), and Nigeria Deposit Insurance Corporation (NDIC).
He said the stakeholders in their submissions suggested that AMCON be empowered to take possession, manage, sell, transfer, assign property used as security for eligible bank assets among others.
Deputy President of Senate, Ovie Omo-Agege at the clause-by-clause consideration of the bill sought clarification on some provisions.
“The essence of collateral is that in the event of default, you lose that asset.
”What I am reading here is that in addition to seizing that asset, AMCON wants to go beyond that to every other asset or property that is traceable to the debtor, I think I need some clarifications to that,” he said.
President of Senate, Ahmad Lawan, however, called for voting on the bill, which was adopted by a majority of the lawmakers.
However, Sen. Bassey Akpan and Sen. Chukwuka Utazi, while relying on a Point of Order contested the ruling of the Senate President by requesting for a division.
But the Senate President overruled them.
Lawan added: “Let the people go to court to test it, but our hope and desire is for AMCON to be able to recover huge sums of money, trillions that people have taken and now is on the head of Nigerians.
“And, it is criminal, really. People will consciously take money, I will advise that we stick to our decision.”
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