Read Buhari’s latest move to loan recovery
– A presidential committee for the recovery of loans has been approved by President Muhammadu Buhari
– The committee, a presidential inter-agency committee on recovery of loans, will be led by the attorney general of the federation, Abubakar Malami
– The committee will ascertain the current status of Asset Management Corporation of Nigeria (AMCON) recoveries from inception to date
Attorney general of the federation, Abubakar Malami (SAN)
The federal government on Monday, May 30, made fresh moves to recover loans granted to various commercial banks and cooperate organizations in Nigeria.
The recovery of loans granted by the Asset Management Corporation of Nigeria (AMCON) will be recovered through the effort of a presidential committee established approved by President Muhammadu Buhari.
A statement by the Salihu Isah, the spokesperson to the attorney general of the federation, Abubakar Malami, said the committee – a presidential inter-agency committee on recovery of loans – was inaugurated on Thursday, May 19, in Abuja.
Isah said that the committee approved by the president and led by the attorney general of the federation is expected to ascertain the current status of AMCON recoveries from inception to date.
He said that most of the debtors cut across the aviation, banking and oil and gas sectors have failed to repay the loans while some of them had resorted to court actions all in their bid to frustrate the loan recovery efforts of AMCON.
He also said that the attorney general of the federation described this as an active conspiracy of some financial institutions to frustrate the Nigerian government.
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The committee will also determine the total outstanding debts through value of assets and how the government at all levels can offset their debts to the corporation.
The committee will also request and obtain information from any person or persons and/or entity or entities onshore and offshore with the full support and weight of the Federal Government and her agencies towards the pursuit and realization of the Committee’s mandate.
It will assist in third party investigation outside AMCON office relating to obligors and identify the criminal nature of commercial transactions that would assist in pursuing criminal prosecutions.
“In addition, the committee will ascertain how government agencies can collaborate to support AMCON’s recovery effort in; (a) ensuring payments due to obligors are made to AMCON, (b) the possibility of going into a Joint Venture Agreement with AMCON (c) the acquisition of forfeited assets from AMCON and (d) take-over of recalcitrant businesses/companies where feasible,” Isah said.
“It is also expected to establish the working framework for the Committee such that AMCON could have direct contact with the agencies for assistance and report be made to the Committee on achievement and challenges as well as to design and come up with workable strategies to pursue aggressive recovery of the AMCON loans,” he added.
Members of the Committee include representatives from various Ministries, Departments and Agencies (MDAs), Abubakar Malami, the attorney general of the federation and minister of justice as Chairman; minister of state (Aviation), Hadi Sirika; inspector general of police, Solomon Arase and the chairman, Economic and Financial Crime Commission (EFCC), Ibrahim Magu,
Others are the accountant general of the federation, Ahmed Idris; minister of state for petroleum, Ibe Kachukwu; director debt management office, Abraham Nwankwo; the executive secretary of Petroleum Products Pricing and regulatory Agency (PPRA), Farouk Ahmed and the managing director of AMCON, Ahmed Kuru.
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