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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Bashir Ifo Awarded Djondo Fellowship. The committee is satisfied with the performance, which would also help the committee make projections and also provide guidance as the case may be against their budget. 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.

The AMCON boss, Kuru, described the oversight visit by the committee as a good feedback mechanism, which, he said, had over the years afforded the corporation 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 the corporation.

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House of Reps pledges quick passage of AMCON amendment bill

In addition to purchasing non-performing loans from the banks. Cancel Reply Your email address will not be published. There is a sunset date for AMCON and it is expected to have achieved its mandate before the sunset date. This Bill is very important and we promise to work with the Senate in amcln a quick passage of the Bill.

It also holds the promise of reducing the debt overhang on capital market operators, thus giving the much needed stimulus to the capital market. According to the Vill, 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 them from achieving optimum results especially since public funds were used to buy these loans that helped blil the EFIs from going under.

The face value of the bonds was N3. 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.

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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 amcom minds with the legislature as well as draw from the wisdom of the lawmakers to efficiently and effectively pilot the affairs of AMCON. Hamzat lied against me, says Jonathan December 31, Log into your account.

Fear grips Nasarawa monarchs over sect that promotes fornication, adultery Punch. 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.

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The Central Bank of Nigeria reaffirms that it continues to receive the total support and cooperation of the leadership and members of both arms of the National Assembly in its effort to restore and entrench financial stability and good corporate governance in Banks. Mobile Money and Telcos.

Debt Recovery: Reps To Speed Up Amending AMCON Bill

He assured the lawmakers that the current management of AMCON under his leadership would continually remain prudent and persevere in the face of the adversity posed by the difficult socio-political and economic realities in the country. He however assured the lawmakers that the current management of AMCON under his leadership would continually remain prudent just as it would continue to persevere amcn the face of adversity posed by the difficult socio-political and economic environment.

The bill is seeking to further empower and embolden AMCON with more powers to go after chronic obligors of the Corporation. The committee has worked tirelessly to ensure that when the bill is passed, Amckn will be further empowered to deliver on its mandate. You would be the first to know the latest happenings around the Financial Market on Register.

NASS will work for quick passage of AMCON amendment bill -Onyereri – Sabi News

Providing an insight into how exactly the House of Representatives would aide recovery in the next financial year, Onyereri was quoted wmcon a statement to have said: 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.

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We think you’d love these too Pin It on Pinterest. Bll Report on the Bill is out and will soon be presented before the House. Next Post Esan National Congress rejects cattle colony proposals.

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

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 To receive our NEW investment newsletter containing intelligent investing news, data, analysis and research, type in your e-mail address.

At Last Legendary Rev Fr. 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.

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. 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.

With these developments in the National Assembly, the Central Bank hopes that all skepticisms around the establishment of AMCON and unguarded speculations around political support for the reforms have been put to rest. Golden era for Rivers State. He said the committee had thoroughly reviewed the budget performance of the corporation in relation to what was approved for it. Only 22 States Have Presented Budgets. This will pave the way for its passage after a third and final reading.

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