FG inaugurates panel to recover N5trn AMCON debts

An inter-agency committee to recover the N5trn debts owed the Asset Management Corporation of Nigeria has been inaugurated by the federal government.

Yemi Osinbajo, Nigeria’s vice president inaugurated the committee in Abuja, a statement by Laolu Akande, his senior special assistant on media and publicity, said on Tuesday.

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”, the VP told the members.

“About 67 percent of the outstanding N5tn debt is said to be owed by just 20 individuals/entities,” the statement added.