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Reps amend Act, empowers AMCON to sell debtors’ property - Punch Newspapers

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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.

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.

 

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Sasha03545351 Sales in a closed market to preferred buyers is also corruption. Same as looting recovered loots.

Still business as usual.take the loan,refuse to pay,confiscate his property,call my friend to buy it up for me at a cheaper price thru govt connect. Any which way it's still business as usual.

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