AMCON BILL PDF

“The committee has worked tirelessly to ensure that when the Bill is passed, AMCON will be further empowered to deliver on their mandate.”. Barely one week after the Senate Committee on Banking, Insurance and other Financial Institutions called on President Muhammadu Buhari to. “The committee has worked tirelessly to ensure that when the bill is passed, AMCON will be further empowered to deliver on its mandate.”.

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This site uses cookies: Ahmed Lawan Kuru, the lawmaker reaffirmed the commitment of the House of Representatives to support AMCON recover the huge outstanding debt in the hands of a few recalcitrant obligors.

You would be the first to know the latest happenings around the Financial Market on Register. The Bill has thus been referred to the Senate Committee on Banking, Insurance and other Financial Institutions, to work with Committees on Capital Market and Finance to conduct a public hearing and report back to the Senate within a maximum period of four weeks. A promise made, a promise kept.

State and Local Govts. Cancel Reply Your email address will not be published. This Bill is very important and we promise to work with the Senate in ensuring a quick passage of the Bill.

Doing Business in Nigeria. Sir Jones Chukwudi Onyereri, said this at a three-day retreat in Kano. Ahmed Kuru, who did not hide the fact that AMCON needs support at this critical time in the life of the Corporation, further informed members of the House Committee that obligors of the Corporation are getting bolder by the day and employing all kinds of tricks to tie AMCON up in court.

He said AMCON today has over 3, cases, and counting in different courts across the country with obligors who have the means to pay; are still doing business with other names but have vehemently refused to pay what they owe AMCON.

All One Min News. There is a sunset date for AMCON and it is expected to have achieved its mandate before the sunset date. Providing an insight into how exactly the House of Representatives would aide recovery in amcoh next financial year, Onyereri was quoted in a statement to have said: AMCON is a vehicle for recapitalizing these institutions.

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AMCON Bill Sent For Presidential Assent

The AMCON, is the principal vehicle for resolution of the solvency of asset quality problems that have risked the banking system in the last two years and it provides an alternative to the liquidation of distressed banks. Golden era for Rivers State.

December 30, 4: Amvon also holds the promise of reducing the debt overhang on capital market operators, amckn giving the much needed stimulus to the capital market.

He said AMCON today has over 3, cases, and counting in different courts across the country with obligors who have the means to pay; are still doing business with other names but have vehemently refused to pay what they owe AMCON.

According to the Chairman, the lawmakers are happy that AMCON as an interventionist institution of the Federal Government, especially under its present management, has performed above board, but are worried that the Corporation is often constrained by institutional and legal stumbling blocks that have continued to hinder amvon from achieving optimum results especially since bll funds were used to buy these loans that helped prevent the EFIs from going under.

Senate warns CBN on troubled banks.

AMCON Bill Sent For Presidential Assent

Disclaimer Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof. Hamzat bill against me, says Jonathan December 31, The bill is seeking to further empower and embolden AMCON with more powers to go after chronic obligors of the Corporation. Onyereri, who led other members of the committee on a routine oversight visit to the corporate head office of AMCON in Maitama, Abuja, stated that the committee owed it a duty to Nigerians as mandated by the Constitution of the Federal Republic of Nigeria to visit some of the critical institutions to review their budget performance within the financial year.

The face value of the bonds was N3. The Report on the Bill is out and will soon be presented before the House.

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‘AMCON Amendment Bill Ready Soon’ – THISDAYLIVE

Home Featured Post Debt Recovery: Pin It on Pinterest. Your email address will not be published. He noted that House of Representatives Committee on Banking and Currency owe it a duty to Nigerians as mandated by the constitution of the country to visit some of the critical institutions such as AMCON to review their budget performance within the financial year.

He therefore said that AMCON having achieved remarkable milestones in the last seven and half years of its creation, is willing to deliver even more if given the needed support from all key stakeholders such as the legislature, the judiciary, the executive among others.

Sorry, your blog cannot share posts by email. Ahmed Kuru AMCON He noted that given the sunset date of AMCON, which he stated was created by the government not to operate in perpetuity, the National Assembly, the executive and the judiciary must ensure that the recovery agency of government meets its obligation within the expected and acceptable timeframe. To receive our NEW investment newsletter containing intelligent investing news, data, analysis and research, type in your e-mail address.

Kuru in his remark described the oversight visit by the committee as a good feedback mechanism, which has over the years afforded AMCON the opportunity to rub minds with the legislature as well as draw from the wisdom of the lawmakers to efficiently and effectively pilot the affairs of AMCON.

It will be recalled that the Bill had already gone through second reading at the House and a public hearing was held on Thursday 28, January This will pave the way for its passage after a third and final reading.

CBN Banking Reforms Get a Boost: Reps Pass AMCON Bill, Scales Second Reading at the Senate

One more reason to read sabinews. Bil Last Legendary Rev Fr. The committee has worked tirelessly to ensure that when the bill is passed, AMCON will be further empowered to deliver on its mandate.