Conflicting Court Rulings Hamper AMCON's N5trn Debt Recovery Drive

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Several conflicting orders by courts across the country are hampering N5trillion debt recovery activities embarked upon by the Assets Management Corporation

Speaking at a retreat at the weekend, the chairman, House of Representatives Committee on Banking and Currency, Victor Nwokolo, said it was sad that agencies of the federal government work at cross-purposes rather than collaborating to ensure that they support the federal government and its economic recovery after the coronavirus pandemic had dealt a deadly blow on Nigerian economy and the global community.

Members of the committee include heads and representatives of agencies such as the Independent Corrupt Practices Commission , the Economic and Financial Crimes Commission , and the Nigerian Financial Intelligence Unit . They were expected to review the status of the huge debts owed to AMCON, deliberate on practical, legal and other strategies for the recovery of the outstanding debts. The committee is chaired by Prof. Bolaji Owasanoye , the ICPC chairman.

According to him, ministries, departments and agencies of the government are supposed to work in sync to ensure that nobody shortchanges the federal government, but that “from reports we get from AMCON, it is obvious that they are facing frustrations from not just the obligors but from the judiciary, as well as ministries, departments and agencies of the federal government. There is no reason why that should happen in a decent country.

 

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