FG raises task force to recover N5tr AMCON debts

The Federal Government has set up a task force to ensure the recovery of over N5trillion being outstanding debts owed the Asset Management Corporation of Nigeria (AMCON).

Vice President Yemi Osinbajo announced this during a meeting with board members and management of AMCON and selected heads of government agencies at the Presidential Villa, Abuja yesterday.

Membership of the task force, according to a presidential spokesperson, Laolu Akande, comprised 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.

They are to work together to develop and implement new strategies that will ensure that the determination of the FG to recover the money is speedily achieved.

“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,” he said.

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 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 N5tr debt is owed by just 20 individuals/entities.

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.