Finance Minister mandates ICPC, others to retrieve AMCON N5trn debt

Finance Minister mandates ICPC, others to retrieve AMCON N5trn debt

The Minister of Finance, Zainab Ahmed has ordered the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Bureau of Public Procurement (BPP) to ensure the recovery of the over N5trillion indebtedness to the Asset Management Corporation of Nigeria (AMCON).

Ahmed stated this on Saturday, October 12, in Abuja during the quarterly briefing of the Ministry of Finance, attended by agencies under the supervision of the Ministry on the AMCON situation.

While commending AMCON on the national assignment, she, however, said she expects a lot more from the Corporation.

She explained this is especially important since President Muhammadu Buhari had signed the amended 2019 Act into law, which gives additional powers to deal with the obligors.

“AMCON must ensure that the debts are recovered before the sunset, which is around the corner. If AMCON fails to recover the huge bad loans, the debt will become a government problem, which the government is not willing to carry.

“Therefore, everything must be done to ensure that AMCON recovers the debt from the obligors because it will have a huge positive impact on the economy,” the minister said.

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The Minister added that the quarterly meeting had become critical because it creates the enabling platform for sister agencies of government to cross-fertilise ideas for improved collaboration and delivery.

The Director-General of BPP, Mamman Ahmadu also declared his agency’s willingness to collaborate with AMCON in the quest to recover the debt.

Ahmadu said this will help liberate the economy as well as improve the commonwealth of the nation.

The BPP boss said, the bureau has intensified its due diligence process and will ensure that those seeking contract from the government are scrutinised to establish the fact that they are not on the list of AMCON debtors before contracts are awarded.

Echoing similar sentiments, Prof. Bolaji Owasanoye, the Chairman of ICPC who also chairs the Inter-Agency Presidential Committee set up by the Vice President to recover AMCON debt has joined his voice in rallying sister agencies of government to ensure that they tighten the noose on AMCON obligors, which he said will pressure them to repay the debt before sunset.

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Mayowa Oladeji

A writer with a keen interest in human stories and topical issues around the world. mayowa.oladeji@1stnews.com

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