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.
Vanguard News
Senate passes AMCON amendment bill
On
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, Sen. 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.
As technology evolves, customer demands continue to affect how businesses operate especially in the banking sector. In recent times, fintech startups have raised the bar, offering customers easier, faster, and cheaper financial services particularly in areas such as zero transfer fees, more attractive interest rates on savings, full online banking experience, speed and simplicity.
These competitive advantages are endearing them to an increasing number of customers and strengthening their position in the industry.
In this article, we examine some fintechs currently offering free banking services.
Aladdin
Aladdin Finance App is powered by PurpleMoney Microfinance Bank. The app offers its customers zero charges on transfers and transactions with other banks. Traditional banks charge N25 per transfer, but Aladdin bears the transfer cost and offers the service for free.
Lagos community accuses AMCON of estate takeover, ignoring court order punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
Lagos estate residents accuse AMCON of encroachment, disregard for court orders
A representative for the residents said AMCON is reselling the disputed properties in a clandestine manner and encouraging the buyers to start construction on the lands.
Residents and property owners in Victory Park Estate, Lagos, have alleged that the
Asset Management Corporation of Nigeria (AMCON) is encroaching on their lands in disregard of court orders.
The lawsuit which was scheduled to be heard on April 14 in the Lagos High Court was stalled by the judicial workers union industrial action embarked upon on April 6.
The property owners, under the aegis of Association of Victory Park Estate Bare Land Owners in Ikoyi area of Lagos, raised an alarm that AMCON’s action violates the doctrine of “Lis pendes,” a Latin term for a pending suit.