BY BENEDICT NWACHUKWU, ABUJA
The Senate President, Ahmad Lawan has said that the interest of the country was the reason behind the passage of the amended AMCON bill into law by the 9th Assembly.
Senator Lawan said, “When we come to legislate, we all come here with very clear mind, that we are doing this for our country, we don’t have any interest but the national interest. He added that the recovery of the debts will by, no little means aid economic growth of the banks.
The Senate, last week passed the Asset Management Corporation of Nigeria (AMCON) Amendment bill. Its passage followed the thoughtfulness of a report by the Committee on Banking, Insurance and Other Financial Institutions.
Passing the amended bill by the chamber has authorized the Assets Management Corporation of Nigeria to take ownership, manage or sell all properties traced to debtors, whether or not such assets or property was used as security/collateral for taking the subject loan.
It also authorizes the Corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financially related matters.
The Senate President noted that with the explanations from the Committee members who went through all the processes; every argument should let it go.
He said, “Let the people go to court to test it, but our hope and desire is for AMCON to be able to recover huge sums of money – trillions that people have taken and now is on the head of Nigerians. And, it is criminal, really. People will consciously take money. I will advise that we stick to our decision.”
Earlier, Chairman of the Committee, Senator Uba Sani said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and Nigeria Deposit Insurance Corporation (NDIC) who in their submissions pushed for AMCON to be empowered to take possession, manage, foreclose or sell, transfer, assign or otherwise of property used as security for eligible bank assets among others, which will provide for a quicker, easier and legitimate process of assets disposal.
The Deputy Senate President, Ovie Omo-Agege had during the clause-by-clause consideration of the bill sought to know the rationale behind the recommendation of the Committee in clause two, which empowers AMCON to take possession of assets outside of those used as collateral in obtaining a loan request, saying, “The essence of collateral is that in the event of default, you lose that asset.
What I am reading here is that in addition to seizing that asset, they (AMCON) want to go beyond that to every other asset or property that is traceable to the debtor. I think I need some clarifications to that.”
Senators Bala Ibn Na’Allah and Opeyemi Bamidele advocated for the inclusion of a proviso amid the AMCON amendment, so as to give it precedent over any other law that may be used to cite an instance of conflict.
Senator Bassey Albert Akpan argued that, they cannot go outside the asset presented for the facility while Adamu Aliero, however, explained that during debate on this bill, Senators made it abundantly clear that these debtors are taking government money, and they are using it freely and going free, and the need for stringent measures to be enforced to recover the money.
However, Senator Chukwuka Utazi, on his part, kicked against the clause empowering AMCON to take possession of assets traced to debtors, explaining that, “most of the banks that have those bad debts colluded with the customers in doing that in the first place.”
Senator George Thompson Sekibo while citing the Senate rules, observed that, “it will be out of order to reconsider any specific question, upon which the Senate has come to a conclusion during the current session, except upon a substantive motion or decision.”
“All the discussion we are making on it now is of no value, they are not supposed to be recorded because we have come to a decision on it. It may be wrongly or rightly, but we have ended it”, Sekibo added.
