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FG Setup Task Force to go After AMCON Debtors



  • FG Setup Task Force to go After AMCON Debtors

Following several calls to recover over N5 trillion debts owed the Asset Management Corporation of Nigeria (AMCON), Vice President Yemi Osinbajo has constituted a task force to go after debtors.

Osinbajo, who met with the Board of AMCON, ministries and agencies on Monday at the State House in Abuja, made the disclosure.

The Economic and Financial Crimes Commission, Nigerian Financial Intelligence Unit, the Independent Corrupt Practices Commission, and the Ministries of Justice and Transportation were some of the agencies represented at the meeting.

“To this effect, a special task force/committee comprising the heads of AMCON, the EFCC, the NFIU, the ICPC and the Ministry of Justice will be working to develop and implement new strategies that will ensure that the determination of the FG to recover the money is speedily achieved,” a statement by the VP’s Senior Special Assistant on Media and Publicity, Mr Laolu Akande, said.

On the task of the committee, Osinbajo was quoted as saying, “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.”

According to AMCON, only 20 debtors (individuals and entities) are owing 67 percent of the total debt. Therefore, the task force will go after the first 20 top debtors.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.