The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Headline News

AMCON Solicits Judiciary Intervention To Recover Over N5trillion Debt

Next Edition by Next Edition
October 21, 2019
in Headline News
AMCON Solicits Judiciary Intervention To Recover Over N5trillion Debt
0
SHARES
1
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The Asset Management Corporation of Nigeria, AMCON, has called on the judiciary to join hands with it to recover the over N5trillion debt owed by some Nigerians.

Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru made the call recently when he led a delegation of AMCON officials on a strategic visit to Nigeria’s Court of Appeal.

You might also like

Media Laws: Information Minister Assures Nigerian Editors Of Cooperation

Ambassador Sarafa Tunji Isola To Chair 7th Penpushing Media Anniversary Lecture

APC Reinstates Kebbi Gov’s Aide Suspended For Bringing Snake To Gov’t House 

Discussing with the President of Court, Justice Zainab Bulkachuwa CFR, and other Justices of the Court, Kuru noted that the Asset Management Corporation of Nigeria (AMCON) (Amendment) Act 2019 recently signed into law by President Muhammadu Buhari has expanded the definition of the obligors of AMCON to include the directors.

This, he said meant that “AMCON would more than ever before need the support of the judiciary especially the Federal High Court, which is AMCON’s court of first instance and most importantly, the Court of Appeal if the Corporation stands the chance of recovering the over N5.4trillion owed it by obligors before the sunset.”

Highlighting aspects of the amended Act to the Justices, the AMCON boss noted that the amendment has further empowered AMCON to the extent that unlike what obtained before, in the case of an appeal against the final judgement, the appellant or obligor must now deposit the judgement sum in an interest-yielding account of the court while in the case of interlocutory appeal, the appellant or obligor will also have to deposit the total sum claimed by AMCON in an interest yielding account of the court.

READ ALSO: FG Sets up Committee to Recover N5trn AMCON Debts

He said the act has also granted permission to place bank account of debtors or the like under surveillance by ex-parte order of the Federal High Court; access debtor’s computer systems for the purpose of locating debtor’s funds by ex-parte order of the Federal High Court; permits AMCON the right to obtain access to debtors’ banking, financial and commercial information and Bank Verification Number (BVN) from banks by ex-parte order of the Federal High Court as well as impose an obligation on the Federal Government and Federal Ministries departments and Agencies (MDSs) to seek AMCON clearance before contracting with or making payments to recalcitrant debtors on AMCON debtor list.

A statement by Mr. Jude Nwauzor, the Corporation’s spokesman said Kuru also hinted that AMCON is now empowered to demand from selling Eligible Financial Institutions (EFIs), their directors or officers, delivery of information, books, accounts, records and documents in relation to acquired Eligible Bank Assets (EBAs) as well as impose fines for failure on compliance.

“In the same breadth, the amended act, subject to Land Use Act and Section 36 expressly vests legal title to acquired EBAs and in collateral (tangible and intangible) securing such acquired EBA, and vesting power of sale, possession, management, etc., in AMCON to exclusion of all other creditors notwithstanding that only equitable security exists in such collateral, just to mention a few,” he said.

Kuru stressed that failure to recover the lingering debt of over N5.4trillion owed AMCON will have huge negative effect on the economic development plan of the federal government.

In her remarks, Justice Bulkachuwa praised the management of AMCON for working very hard to get the Act amended saying it will go a long way to helping the Corporation in its recovery drive.

She said it had always been the priority of the Court of Appeal to adjudicate justice as fast as possible, adding that the Appeal Court will continue to do its best to see how it can fast track the processes of the court including AMCON related cases.

Tags: Asset Management Corporation of NigeriaFederal High CourtJustice Zainab BulkachuwaMr. Ahmed KuruPresident Mohammadu Buhari
Next Edition

Next Edition

Recommended For You

Media Laws: Information Minister Assures Nigerian Editors Of Cooperation

Media Laws: Information Minister Assures Nigerian Editors Of Cooperation

The Minister of Information and National Orientation, Alhaji Mohammed Idris, has assured the Nigerian Guild of Editors (NGE) of cooperation in their quest to seek for harmonisation of...

Ambassador Sarafa Tunji Isola To Chair 7th Penpushing Media Anniversary Lecture

Ambassador Sarafa Tunji Isola To Chair 7th Penpushing Media Anniversary Lecture

  A former Nigerian Ambassador to United Kingdom, Ambassador Sarafa Tunji Isola has accepted the role of chairman at the 7th anniversary lecture of Penpushing Media, scheduled to...

APC Reinstates Kebbi Gov’s Aide Suspended For Bringing Snake To Gov’t House 

APC Reinstates Kebbi Gov’s Aide Suspended For Bringing Snake To Gov’t House 

    The All Progressives Congress (APC), Kebbi chapter has announced the reinstatement of Alhaji Kabir Sani-Giant, Special Adviser to Gov. Nasir Idris on Power and Politics.  ...

Udeme Ufot to chair QEDNGCreative Powerhouse Summit

Udeme Ufot to chair QEDNGCreative Powerhouse Summit

  Mighty Media Plus Network Limited, publishers of the online newspaper QEDNG, has announced Udeme Ufot as Chairman of the inaugural QEDNG Creative Powerhouse Summit.   Ufot is...

Next Post
Headies 2019 In Pictures

Headies 2019 In Pictures




Related News

VAT On calls, SMS: I Know Nothing About It, Ask FIRS - Communications Minister

Nigeria’s Golden Jubilee: FG Challenges Nigerians To Produce Anniversary Brand

Umahi Bans The Sun, Vanguard Reporters From Govt House For Life, Tells Them He Has Koboko

Umahi Bans The Sun, Vanguard Reporters From Govt House For Life, Tells Them He Has Koboko

Ruga Settlements Will Set Nigeria on Fire – Soyinka

Ruga Settlements Will Set Nigeria on Fire – Soyinka




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
advert@nextedition.com.ng
vicki.ibanga@gmail.com

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited