FG Sets up task Force to Recover N5 Trillion AMCON Debt

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SWITZERLAND, JULY 31 – In a renewed and spirited effort to ensure the effective recovery of over N5 Trillion being outstanding debts owed the Asset Management Corporation of Nigeria (AMCON), a new task force has been set up to get the job done without fail.

Vice President Yemi Osinbajo gave the indication during a meeting with board members and management of AMCON and selected heads of government agencies, at the Presidential Villa, Abuja on Monday evening.

Those agencies include the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and also the Permanent Secretaries of the Justice and Transport Ministries.

To this effect, a special task force/committee comprising of the Heads of AMCON, the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (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.

Prof. Osinbajo said all the relevant agencies have to re-strategize to achieve the desired results. “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, & all of that.”

He said the task force should look at the top 20 AMCON defaulters closely and develop a plan of action that brings results. It would be recalled that the Vice President had previously in May met with AMCON management to discuss how to resolve the issue.

According to the AMCON Chairman, Mr. Muiz Banire, SAN, almost 67 per cent of the outstanding N5tn debt is owed by just 20 individuals/entities.

Banire noted that the agency had been “trying its best in its attempt to recover this through the civil judicial process, but had encountered several challenges.”

Also present at the meeting was the Acting Chairman of the EFCC, Ibrahim Magu; Chairman, ICPC, Prof. Bolaji Owasanoye; Director/Chief Executive, NFIU, Mr. Modibbo Tukur; Permanent Secretary, Federal Ministry of Transportation, Sabiu Zakari; and other senior government officials.

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