The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill.
This followed the adoption of the report of Senate Committee on Banking, Insurance and Other Financial Institutions at plenary on Wednesday.
Presenting the report, Senator Uba Sani, Chairman of the Committee, said the committee engaged stakeholders including AMCON, Ministries of Finance, Budget and National Planning, Central Bank of Nigeria (CBN), and Nigeria Deposit Insurance Corporation (NDIC) before arriving at its conclusion.
He said the stakeholders in their submissions suggested that AMCON be empowered to take possession, manage, sell, transfer, assign property used as security for eligible bank assets among others.
This, he said would provide for a quicker, easier, and legitimate process of asset disposal.
Deputy President of Senate, Ovie Omo-Agege at the clause-by-clause consideration of the bill sought clarification on some provisions.
“The essence of collateral, is that in…
Source: Vanguard Newspaper
