The Senate has extended the powers of the Asset Management Corporation of Nigeria (AMCON) to enable it recover monies from bank debtors.
It has also empowered the agency to go after bank debtors and take over assets other than those used as collateral to recover their debts.
These new measures formed part of the amendments to the AMCON bill passed by the Senate during Wednesday’s plenary at the upper chamber of the National Assembly in Abuja.
They also give AMCON the power to approach credit tribunals to recover their funds, eliminating the bottlenecks often encountered in normal courts.
The special tribunal was established by the Banking and Other Financial Institutions Act (BOFIA), 2020 to deal with financial-related matters.