To speedily recover the N5tn owed the Assets Management Corporation of Nigeria, the Federal Government has formally inaugurated an inter-agency committee to speedily resolve the challenges in recovering the debts.
While inaugurating the committee on Tuesday in Abuja, Vice President Yemi Osinbajo charged the members to turn the tide in what had been a rather difficult process where debtors have continued to default on their payment obligations.
AMCON had reported that about 67 per cent of the outstanding N5tn was owed by just 20 individuals/entities.
According to him, one of the committee’s terms of reference is to prepare a report, giving a sense of what the timelines would be.
Considering the challenges encountered from the debt-recovery processes, the committee is expected to consider other options, including taking enforcement measures in actually recovering the debts.
The chairman, Independent Corrupt Practices and other related offences Commission, Professor Bolaji Owasonoye, heads the new committee.
“I congratulate you on the very onerous task that has been set, to render this service. I know that, given the kind of individuals here, you will definitely turn this whole narrative around. So, I wish you all very well,” Osinbajo said.
Members of the committee include heads and representatives of agencies such as AMCON, ICPC, the Economic and Financial Crimes Commission, Nigerian Financial Intelligence Unit, Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, and the Federal Ministry of Justice.
The committee, among other tasks, is expected to review the status of debts to AMCON, deliberate on practical, legal and other strategies for their recovery, and prepare a report, which will include a debt recovery work plan with specific timelines for completion.
Chairman of the inter-agency committee restated the commitment of the members to recover most of the debts.