Connect with us

Naija News

Senate Moves To Recover N16trn AMCON Loans

Published

on

The Senate on Tuesday considered a bill seeking to empower the Asset Management Corporation of Nigeria in the aspect of assets recovery, as well as strengthen it against economic sabotage by debtors with unpaid loans to the tune of about N16 trillion naira.

AMCON Amendment Bill 2021, which scaled second reading on the floor was sponsored by Senator Michael Bamidele representing Ekiti Central.

Leading debate on the bill, Bamidele said, “The main aim of this amendment is to update a few clauses in the Act that have been hampering the Operations of the Asset Management Corporation of Nigeria.” According to the lawmaker, under the current Act, the continued smooth operation of AMCON was threatened by the tenor put on a key funding provision for AMCON. He, therefore, said the proposed amendment was designed to allow for more flexibility in the tenor of this key funding provision.

YOU CAN FOLLOW US ON FACEBOOK

Bamidele emphasised further that the amendment would strengthen AMCON in stabilising Nigeria’s banking sector and empower the agency in carrying out its functions of assets and debt recovery.

He said, “AMCON is a very important and strategic national institution that must be strengthened to effectively contribute to the stabilization of the banking sector in Nigeria.

“It proved its mettle in the banking crises of 2009. Our economy still grapples with huge challenges. The banking sector is not immune from the difficulties we face. We must therefore review and amend the AMCON Act (2014) in order to reinvent and reposition AMCON to optimally perform its functions.

“In particular, this amendment will strengthen the hands of AMCON in assets recovery. AMCON must be reenergized to tackle the problem of toxic loans.

“Highly placed debtors have been employing different strategies and tactics to stall the repayment of loans. Cases drag on in courts for many years. AMCON has remained at the receiving end of these well laid and orchestrated acts of economic sabotage.

“Mr. President, Distinguished Colleagues, as patriots we have an obligation to empower AMCON and make its assets recovery efforts less cumbersome. We must remove all obstacles to its smooth operations. We must safeguard our banking sector and the economy in these trying times.”

On his part, Senator Adamu Aliero representing Kebbi Central said the amendment “will give teeth to AMCON to recover all debts that were given to private individuals and also companies.”

Senate President, Ahmad Lawan, referred the bill after it scaled second reading to the Committee on Banking, Insurance and other Financial Institutions for further legislative work.

The Committee which is chaired by Senator Uba Sani was given four weeks to turn in its report.

READ ALSO:

NIGERIA APPROVES BILL EXTENDING TEACHERS RETIREMENT AGE

South-West Holds Region’s Governors, Leaders Forum

‘Nigeria beyond oil’ — Political, business leaders converge for FT Nigeria Summit

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Naija News

How Nigeria Is Tackling Illicit Financial flow– Minister

Published

on

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Tuesday, said Nigeria has implemented significant measures to curb illicit financial flow and ensure asset recovery.

The minister spoke at the International Conference on Illicit Financial Flows and Asset Recovery which was held virtually.

In her keynote address, Ahmed described Nigeria as one of the most affected countries as far as illicit financial flow is concerned.

She said, “As one of the most affected countries, Nigeria has demonstrated strong commitment to addressing illicit financial flows through our

participation in the Open Government Partnership and the significant progress made in the extractive industry.

YOU CAN FOLLOW US ON FACEBOOK

“We have demonstrated that technology-enabled improvements in tax collection and compliance help deter tax crime and facilitate public trust.

“Also, the mainstreaming of transparency and anti-corruption measures into economic-policy-making processes significantly reduces crime.

“Similarly, establishing an accurate, up-to-date and public beneficial ownership register; and strengthening the automatic exchange of tax information; helps address the commercial components of illicit financial flows.” She explained that among other things, the Federal Government has established an independent Financial Intelligence Unit within the Central Bank and bilateral agreements with several critical destination countries including the United States and Switzerland to ensure the return of stolen assets.

According to her, about 65 per cent of illicit financial flows across Africa emanate from commercial activities such as aggressive tax avoidance and tax evasion, through trade mispricing, abusive transfer pricing, profit shifting, and tax arbitraging.

The minister added that if unchecked, IFFs will continue to “significantly erode domestic revenues, enable corruption, threaten economic stability and sustainable development, divert money from public priorities and hamper Government’s efforts to mobilize domestic resources and recover better.”

She, therefore, called for sustained cooperation between Africa and multilateral organisations to eradicate illicit financial flow, thereby enabling environmental, social, and economic development across the continent.

READ ALSO:

Nigeria Shippers Council To Assist Customs Meet N2trn Revenue Target for 2020

NDLEA Seizes 621,085kg Hard Drugs In Imo State

US Lifts Indoor Mask Mandate for Vaccinated People


 

Continue Reading

Naija News

Buhari Seeks Senate Approval For Fresh N2.3trn External loan

Published

on

Africa Summit in Paris

The President, Major General Muhammadu Buhari (retd.), has asked the Senate to approve another N2.3trillion ($6.18bn) external loan.

This is contained in a letter addressed to the Senate President, Ahmad Lawan, and read at plenary on Tuesday.

Buhari said the proposed loan which is equivalent to N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion.

YOU CAN FOLLOW US ON FACEBOOK

Buhari said the loan would enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others.

This is coming barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the Federal Government.

The loans were part of the $5.5 billion and €995 million external borrowings Buhari had, in May 2020, asked the Red Chamber to approve to finance various priority projects of the federal government and to support the state governments facing fiscal challenges.

READ ALSO:

Marseille, Club Brugge, Genk Interested in Signing Chelsea-Owned Nigerian Striker

President Buhari nominates Justice Garba as Chief Judge of FCT High Court

President Buhari Mourns Dogonyaro, Says He was a Thoroughbred Soldier

Continue Reading

Naija News

Nigerian Traders Dispute: FG to Send Delegation To Ghana

Published

on

The delegation will be led by the Minister of Trade, Niyi Adebayo, and comprised of other private stakeholders.

The Nigerian Government will send a delegation led by the Minister of Trade, Niyi Adebayo, to Ghana to end the crisis between Nigerian traders in Ghana and local authorities—an issue that started last year before the Ghanaian Presidential elections.

YOU CAN FOLLOW US ON FACEBOOK

The delegation was ordered by the Presidency as disclosed in a statement by the trade ministry on Monday evening. The statement revealed that the delegation would be comprised of private stakeholders also who would be sent to dialogue with Ghanaian trade authorities to find a solution to the crisis.

The meeting between both parties will be held between May 31 and June 1, 2021.

Recall Nairametricreported last year that Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, said that Nigeria’s border closure in 2019 hurt Ghanaians and nearly bankrupted many Ghanaian export businesses after their goods were stuck at the Seme Border for months, reacting to the shutdown of Nigerian-owned shops by Ghanaian authorities last year.

READ ALSO:

Nigerian Doctor Helps Pfizer Develop First Effective COVID-19 Vaccine

COVID-19: Kano orders civil servants to stay at home

Security Agencies Will Monitor Threats at Airports –NSA

 

Continue Reading
COVID-19 PREVENTION

infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

COVID-19 IS REAL

#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

GALLANT OFFICER

Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

Trending