Stories by Collins Nweze
The Managing Director/Chief Executive Officer, Asset Management of Nigeria (AMCON), Ahmed Kuru, has said the corporation needs the amended AMCON Act and judicial support to recover over N5 trillion debt owed it.
AMCON was empowered by the new Act to place bank accounts of debtors under surveillance by ex-parte order of the Federal High Court, access debtor’s computer systems for locating debtor’s funds, give AMCON access to debtors’ bank accounts, and Bank Verification Number (BVN).
Kuru hinted that the Act empowered AMCON to demand from selling Eligible Financial Institutions (EFIs), their directors or officers, delivery of information, books, accounts, records and documents in relation to acquired Eligible Bank Assets (EBAs) as well as impose fines for failure on compliance.
The amended Act, Kuru added, subject to Land Use Act and Section 36, vests legal title to acquire EBAs and in collateral (tangible and intangible) securing such acquired EBA, and vesting power of sale, possession, management, etc., in AMCON to exclusion of all other creditors notwithstanding that only equitable security exists in such collateral, just to mention a few.
The AMCON chief said AMCON at this point needs the support of all sister agencies and arms of government because failure to recover the lingering debts would have huge negative effect on the economic development plan of the Federal Government.
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