Amended Act, empowers AMCON to sell debtors’ property

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AMCON Logo.

The House of Representatives has passed for third reading, an amendment to the Asset Management Corporation of Nigeria Act which empowers the corporation to trace and sell any property belonging to a bank debtor, including those not presented as security for the credit facility.

The House also approved that AMCON gets access to the special tribunal established by the Banks and Other Financial Institution Act for enforcement and recovery of eligible loans.

Also, the lawmakers reduced the tenure of the chief executive of the corporation from 10 years to five years, while the National Assembly will have the powers to extend the tenure by a maximum of five years.

The bill, which was sent to the House for concurrence by the Senate, however, removed state High Court and the High Court of the Federal Capital Territory from the list of courts where the corporation could prosecute its cases.

The bill redefined ‘court’ in the Act to mean the Federal High Court, the Special Tribunal for Enforcement and Recovery of Eligible Loans and other superior courts exercising appellate jurisdiction over the Federal High Court and the Special Tribunal for Enforcement and Recovery of Eligible Loans.

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