The Federal Government has begun a move to recover over N5 trillion
outstanding debts owed the Asset Management Corporation of Nigeria
(AMCON).
The government has formally inaugurated an inter-agency committee to speedily resolve the challenges in recovering the debts.
Vice President Yemi Osinbajo, who inaugurated the committee on Monday
at the Presidential Villa, Abuja, charged its members to turn the tide
in what has been a difficult process where debtors have continued to
default in their payment obligations.
A statement yesterday by the Senior Special Assistant on Media and
Publicity to the vice president, Laolu Akande, explained that about 67
per cent of the outstanding N5trillion debt is being owed by just 20
individuals/entities.
“One of the terms of reference is for the committee to prepare a
report, giving us a sense of what the timelines would be,” the VP said.
Following the challenges encountered in the debt-recovery processes
and the very limited results recorded so far, the committee is expected
to consider other options, including taking enforcement measures in
actually recovering the debts.
Osinbajo, who admonished the committee, which would be chaired by the
Chairman, Independent Corrupt Practices and other related offences
Commission (ICPC), Prof. Bolaji Owasanoye, to exhibit patriotism in the
discharge of the mandate, expressed confidence in the expertise of the
team to carry out the task ahead.
The members of the committee include heads and representatives of
agencies such as AMCON, the Economic and Financial Crimes Commission
(EFCC), Nigerian Financial Intelligence Unit (NFIU), ICPC, Central Bank
of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), and the
Federal Ministry of Justice.
The panel, among other related tasks, is expected to review the
status of debts owed to AMCON, deliberate on practical, legal and other
strategies for the recovery of the debts, and prepare a report, which
will include a debt recovery work plan with specific timelines for
completion.
The chairman of the inter-agency committee thanked the vice president
for the confidence reposed in the group, promising that members would
do their best to recover most of the debts.
A development economist and financial expert, Prof. Ken Ife called
for an investigation into the circumstances surrounding the loss of over
N1 trillion in the value of the assets.
Ife, who was an adviser to the Central Bank of Nigeria [CBN]
Governor, Prof. Chukwuma Soludo at the time of the consolidation , said
some of the assets acquired were performing securities. He wondered why
the value of the assets would so much depreciate instead of
appreciating. He requested that a proper investigation should be
undertaken to unravel the mystery.
“The presidency has done well by setting up the panel to reclaim the
AMCON investments. But I know that there is more value to the assets
than the N5 trillion they are peddling. I also know that at the time of
the investments, some of the securities sold were performing stocks, so
why would the value now be lower than they were at the time of purchase?
I think the current assets are under-valued and someone needs to
explain to Nigerians how we got to this point. This is another P&ID
scam. We need to know what went wrong because we cannot continue to run
our economy like this,’’ Ife posited.
In a related development, President Muhammadu Buhari has dissolved
the Special Presidential Investigation Panel for the Recovery of Public
Property (SPIP) as currently constituted with Mr. Okoi Obono-Obla as
chairman.
Consequently, the Attorney-General of the Federation and Minister of
Justice, Abubakar Malami, has been directed to immediately take over all
outstanding investigations and other activities of the SPIP.
The panel was established in August 2017 by the then Acting
President, Yemi Osinbajo, to investigate specifically mandated cases of
corruption, abuse of office and similar offences by public officers.
President Buhari, in a statement by his Special Adviser on Media and
Publicity, Femi Adesina, yesterday thanked all members of the dissolved
panel for their services.
Buhari said he looked forward to receiving the final ICPC report on
the ongoing investigations of the dissolved panel’s chairman.
Meanwhile, the office of the vice president has flayed a report (not
in The Guardian) which claimed that President Buhari had directed
Osinbajo to seek approvals for agencies under him.
A statement by Akande yesterday said: “The report suggests, falsely,
that agencies under the supervision of the Vice President do not
normally comply with established rules where presidential approvals are
required.
“This is obviously misleading and aims only to plant seeds of discord
in the presidency while attempting to create unnecessary national
hysteria.
“The agencies in question were established by law and the vice
president has always insisted on due compliance with the enabling
statutes and other established regulations.
“Depending on the particular scope of activity in question, agencies
may require management approval only, at the level of the director
general or chief executive officer. In this category falls the great
majority of their day-to-day activities.
“However, other activities, or procurements, with value exceeding a
certain threshold, require board approval. These may get to the agency
board chaired by the vice president. In a few cases where presidential
approval is required, the director-general must seek such approval from
the president, through the vice president. These rules have always
guided the activities of statutory agencies and the ones under the vice
president’s supervision have always been so guided,” he explained.
According to Akande, “To claim that since the first term of the
Buhari administration, agencies of government have not been complying
with the provisions (of getting final approvals from the president) is
false, and the attempt to suggest the vice president’s complicity in
such irregularities is simply mischievous and reprehensible.”
Popular News
-
A US mayor of a small town in Illinois who sent Police officers on Sunday to break up parties amid coronavirus lockdown was left shocked ...
-
Happy New Month Nigeria! Welcome to the month of June. As the world searches for a respite from all its troubles since 2020 began, one can ...
-
Mesothelioma is an aggressive cancer affecting the membrane lining of the lungs and abdomen. Malignant mesothelioma is the most serious o...
-
In the dynamic and fiercely competitive business landscape of today, one thing remains constant: the power of advertising. With the right ...
-
For the quarter, added 537,000 residential and small enterprise business internet customers versus 380,000 within the prior year quarter....
-
If issues are treated with the sense of urgency and importance they get in the court of public opinion compared to the conventional court...
-
The United Kingdom (UK) has announced new travel requirements. This is as it said Visa is not enough for people wishing to enter the c...
-
The Osun State Governor, Chief Ademola Adeleke, has escaped a horrific fate, according to a report by Leadership. By a stroke of luck, wh...
-
The military has assured Nigerians that it will work in collaboration with other security agencies to ensure that the 2023 general electi...
-
The People’s Democratic Party (PDP), agents, Senator Dino Melaye and Emeka Ihedioha have walked out of the collation centre in Abuja, The...
-
Italy have been crowned champions of the 2020 European Championship after defeating England 3-2 in penalties on Sunday night, July 11. ...
-
“Every improvement contributing to your outstanding experience is our daily motivation.” - Remitano Every product and feature on the Rem...
-
For the quarter, added 537,000 residential and small enterprise business internet customers versus 380,000 within the prior year quarter....
-
SMS marketing is a marketing channel which allows businesses to message customers with marketing messages through SMS, or more commonly kn...
-
Breaking news about iceland country incredible but true if you are interested read the full story iceland team was able to achieve an ...
-
Happy New Month Nigeria! Welcome to the month of June. As the world searches for a respite from all its troubles since 2020 began, one can ...
-
An Israeli professor has claimed that coronavirus will disappear after 70 days with or without intervention. The unproven claims were ma...
-
The Remitano founding team has always maintained the belief and vision that blockchain and cryptocurrencies are a big step forward for s...
-
Would you believe it if someone tells you that cayenne pepper has the power to stop a heart attack within a minute? Believe it or not, thi...
-
Apparently, ginger, a well-known spice we frequently add to different dishes to enhance the flavor, has the power to prevent cancer. But, i...
- bitcoin
- bitcoin mining
- Coronavirus
- dr anu nigeria
- coronavirus china
- Benefit Of Ginger Water
- Bobrisky
- Buhari
- coronavirus cure
- benefits of drinking milk
- Biafran War
- coronavirus death rate
- coronavirus outbreak
- dede one day mansion
- coronavirus update
- History of Biafra
- How To Make Ginger Water
- eri
- How to save your phone battery
- is 5g dangerous
- Kobe Bryant
- Jennifer Aniston
- kobe bryant family
- latest nigeria news paper
- kobe bryant wife
- latest on nigeria news
- naija news
- Malignant mesothelioma
- nigeria news
- Mesothelioma survival rates
- newspaper online in nigeria
- nigeria news breaking
- nigeria news headline today
- nigeria news of the day
- nigeria news paper online
- nigeria newspaper
- nigeria news paper today
- nigeria news today & breaking
- nigeria newspaper online
- nigerianewspaper
- nigeria newspapers
- Regina Daniels
- online dating scams
- Side Effects Of Eating Corn
- t mobile data usage
- online nigeria news
- what is tiger nut
- tiger nuts
- Tyson Fury
0 comments:
Post a Comment