N5.4tr debt: AMCON wants NA to set up special tribunals for debtors

The Asset Management Corporation of Nigeria (AMCON) has approached the National Assembly over the establishment of special tribunals to try those owing it N5.4 trillion.

AMCON is seeking the inclusion of this in the provisions of the amended Banks and Other Financial Institutions Act (BOFIA) 2020.

The BOFIA 2020 allows setting up of special tribunals for hearing financial matters emanating from financial institutions.

AMCON’s Managing Director/Chief Executive Officer Ahmed Kuru dropped the hint yesterday during his presentation before the Senate Committee on Banking, Insurance and other Financial Institutions at the National Assembly, Abuja.

Kuru said: “By the following introduction of new sections, the corporation is seeking to be accommodated by the provisions of the newly amended BOFIA (2020), which sets up special tribunals for hearing financial matters emanating from financial institutions.

“The designation of a special tribunal for financial cases immediately assumes the achievement of quicker resolution of matters as judges are designated to hear only such financial matters.

“Moreover, BOFIA prescribes a maximum period of six months to conclude matters brought before the Tribunal. AMCON being accommodated under this Tribunal will assist AMCON with its speed of recovery.”

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