FG inaugurates committee to recover outstanding debts owed by the Asset Management Corporation of Nigeria


The Federal Government has taken another determined step in its bid to recover over N5 Trillion outstanding debt owed the Asset Management Corporation of Nigeria (AMCON), with the formal inauguration of an inter-agency Committee to speedily resolve the challenges in recovering the debts.

Vice President Yemi Osinbajo, SAN, inaugurated the Committee on Monday at the Presidential Villa, Abuja, tasking its members to turn the tide in what has been a rather difficult process where debtors have continued to default on their payment obligations.

About 67 percent of the outstanding N5tn debt is said to be owed by just 20 individuals/entities.

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), the ICPC, Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), and the Federal Ministry of Justice.