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N5.4trn debt: AMCON seeks role in BOFIA 2020 legislation

Citing the challenges it is facing in recovering debts in excess of N5.4 trillion due to the country’s slow justice system, the Asset Management Corporation of Nigeria (AMCON) has approached the National Assembly to accommodate the Corporation in the provisions of the newly amended BOFIA (2020), which sets up special tribunals for hearing financial matters emanating from financial institutions.

Making a presentation before the Senate Committee on Banking, Insurance and other Financial Institutions at the National Assembly, yesterday, Managing Director/ Chief Executive Officer of AMCON, Mr Ahmed Kuru, said the proposed amendment and a few others would be critical to enabling the Corporation resolve the debts quicker than it used to be. The Senate Committee, chaired by Senator Uba Sani, had invited AMCON top executives and that of other key stakeholders/sister agencies of the Federal Government, including the Central Bank of Nigeria (CBN), the Ministry of Finance and the Nigeria Deposit Insurance Corporation (NDIC) for another engagement regarding the amendment of the AMCON Act No.3 (Amendment Bill) 2021 with the Senate Committee on Banking Insurance & other Financial Institutions.

In his remarks, Kuru said: “By the following introduction of new sections, the corporation is seeking to be accommodated by the provisions of the newly amended BOFIA (2020), which sets up special tribunals for hearing financial matters emanating from financial institutions. “The designation of a special tribunal for financial cases immediately assumes the achievement of quicker resolution of matters in court as the judges are designated to hear only such financial matters. Moreover, BOFIA prescribes a maximum period of six months to conclude matters brought before the tribunal. AMCON being accommodated under this tribunal will assist AMCON with its speed of recovery.

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