Osinbajo Inaugurates Panel To Recover N5tn AMCON Debts

Federal Government on Tuesday inaugurated an Inter-Agency Committee to recover the N5trn debts owed the Asset Management Corporation of Nigeria (AMCON).

A statement by Senior Special Assistant on Media and Publicity to the Vice President Yemi Osinbajo, Mr Laolu Akande, confirmed the inauguration on Tuesday.

It said 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.

According to the statement, “One of the terms of reference is for the committee to prepare a report, giving us a sense of what the timelines will be.’’

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