Amended AMCON bill has been passed by Senate as it okays seizure of debtors' assets

Following the adoption of the report of Senate Committee on Banking, Insurance and Other Financial Institutions at plenary on Wednesday, the Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill.

Senator Uba Sani, Chairman of the Committee, while presenting the report, said the committee engaged stakeholders including AMCON, Ministries of Finance, Budget and National Planning, Central Bank of Nigeria(CBN) and Nigeria Deposit Insurance Corporation (NDIC) before arriving at its conclusion. 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. This, he said would provide for a quicker, easier and legitimate process of assets disposal.

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