AMCON, ICPC parley on recovery of N4.9trn debt

Akin Akinbobola

The Asset Management Corporation of Nigeria (AMCON) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have resolved to partner in the recovery of assets worth trillions of naira from entities owing the government of Nigeria.

The decision to forge this collaboration emerged during a courtesy visit by AMCON‘s management to ICPC headquarters in Abuja recently.

The AMCON Chairman, Dr. Muiz Banire, while speaking during the visit revealed that debts worth N4.9tr were being owed the government by numerous entities, and as such, they were in the Commission to partner with it in order to “rescue the system from impending disaster by recovering the outstanding indebtedness”.

Dr. Banire stated that “out of 12,000 accounts in AMCON, 350 entities owed 80% of the N4.9 trillion and the corporation is concerned that it is unable to recover the money, while its lifespan is limited”.

He explained that AMCON was faced with the daunting task of the recovery of government assets but expressed optimism that partnership with ICPC would help in no small measure to alleviate some of the challenges often encountered in recovery.

In his response, ICPC Chairman, Professor Bolaji Owasanoye, expressed his appreciation to the team on the request for collaboration and pledged the Commission’s commitment to partnering with AMCON to achieve its mandate of assets recovery which incidentally was also an important part of ICPC’s work.

He promised that the Commission would set up a task team to put the partnership into effect and that many fraudulent transactions that had taken place would be unraveled and resolved.

Professor Owasanoye further explained to the visitors that ICPC’s three-pronged mandate of enforcement, prevention, education, and public enlightenment placed the Commission in a good position to fight systemic and endemic corruption.

News Reporter