ICPC chair heads task force to drive recovery of N5trn AMCON debts

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*Owasanoye

The federal government has appointed the chairman of the Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye, as head of a task force to recover over N5 trillion outstanding debts owed to the Asset Management Corporation of Nigeria (AMCON).

Inaugurating the inter-agency committee at the Presidential Villa, Abuja yesterday, the vice president, Prof. Yemi Osinbajo tasked the members to turn the tide in what had been a rather difficult process in which debtors continued to default in their payment obligations.

About 67 per cent of the outstanding N5tn debt is said to be owed by 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.

“I congratulate you on the very onerous task that has been set, to render this service. I know that given the kind of individuals here, you will definitely turn this whole narrative around. So, I wish you all very well,” said Osinbajo.

The committee, among other terms of references is expected to review the status of debts owed to AMCON, deliberate on practical, legal and other strategies for the recovery of the outstanding debts, and prepare a report, which will include a debt recovery work plan with specific timelines for completion.

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.

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