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    FG Inaugurates Committee To Recover N5trn AMCON Debts

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    In its bid to recover over N5 Trillion outstanding debts owed the Asset Management Corporation of Nigeria (AMCON), the Federal Government on Tuesday inaugurated an inter-agency committee for the task.

    The Vice President, Yemi Osinbajo who performed the inauguration tasked members of the committee to turn the tide in what has been a rather difficult process where debtors have continued to default in their payment obligations.

    This was confirmed in a statement by the Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande.

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    The statement said that members of the committee include heads and representatives of agencies such as AMCON; the Economic and Financial Crimes Commission; Nigerian Financial Intelligence Unit; the ICPC; Central Bank of Nigeria; Nigeria Deposit Insurance Corporation; and the Federal Ministry of Justice.

    “One of the terms of reference is for the committee to prepare a report, giving us a sense of what the timelines will be” Osinbajo was quoted to have said.

    The statement added that “about 67 per cent of the outstanding N5 trillion debt is said to be owed by just 20 individuals/entities.”

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