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FG set to recover over N5tr AMCON debts, sets up task force


The federal government has set up a new task force to help recover over N5 trillion being of the debts owed the Asset Management Corporation of Nigeria (AMCON).

Vice President Yemi Osinbajo [SAN] revealed this during a meeting with board members and management of AMCON and selected heads of government agencies, at the Presidential Villa, Abuja late Monday .

According to a statement issued by the Senior Special Assistant on Media and publicity, Laolu Akande, on Tuesday, a special task force/committee will be established.

The committee comprised of the Heads of AMCON, the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and the Ministry of Justice.

These will work together to develop and implement new strategies that will ensure that the determination of the Federal Government to recover the money is speedily achieved.

“The key is collaboration. We need a small team comprising these agencies to look at the next steps that we need to take, especially the criminal aspect, forfeiture, and all of that,” the VP directed.

He said the task force should look at the top 20 AMCON defaulters closely and develop a plan of action that brings results.

It would be recalled that the Vice President had previously in May met with AMCON management to discuss how to resolve the issue.

According to the AMCON Chairman, Mr. Muiz Banire, SAN, almost 67 per cent of the outstanding N5 trillion debt is owed by just 20 individuals/entities.

Banire noted that the agency had been “trying its best in its attempt to recover this through the civil judicial process, but had encountered several challenges.”

Also present at the meeting was the Acting Chairman of the EFCC, Ibrahim Magu; Chairman, ICPC, Prof. Bolaji Owasanoye; Director/Chief Executive, NFIU, Mr. Modibbo Tukur; Permanent Secretary, Federal Ministry of Transportation, Sabiu Zakari; and other senior government officials.

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