Nigeria: Govt Sets Up Taskforce to Recover N5 Trillion AMCON Debt

The federal government has set up a new taskforce to recover the over N5trillion debt owed the Asset Management Corporation of Nigeria (AMCON) by some Nigerians and corporate bodies.

Vice President Yemi Osinbajo (SAN) hinted of the plan yesterday at a meeting with board members and management of AMCON and some heads of government agencies at the Presidential Villa, Abuja.

In a statement issued by his spokesman, Laolu Akande, the vice president named members of the taskforce as the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the permanent secretaries of the ministries of Justice and Transportation.

The taskforce will develop and implement new strategies to ensure that the government speedily recovers the money.

Osinbajo said that all the relevant agencies have to re-strategise 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, and all of that," Osinbajo said.

He directed the taskforce to look at the top 20 AMCON defaulters and develop a plan of action that brings results.

LEADERSHIP recalls that the vice president had in May this year met with AMCON management on how to resolve the issue.

The corporation's chairman, Mr. Muiz Banire (SAN) said that almost 67 per cent of the N5tn debt wasowed by just 20 individuals/entities.

Banire said that the AMCON had been "trying its best to recover the money through the civil judicial process, but had encountered several challenges."

Present at the meeting were the acting chairman of EFCC, Ibrahim Magu, chairman, ICPC, Prof. Bolaji Owasanoye, director/chief executive, NFIU, Mr. Modibbo Tukur, the permanent secretary, Federal Ministry of Transportation, Sabiu Zakari; and other senior government officials.

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