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Amended Bill Empowers AMCON To Seize Debtors’ Property Not Used As Collaterals

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Amended Bill Empowers AMCON To Seize Debtors' Property Not Used As Collaterals

The Asset Management Corporation of Nigeria (AMCON) Amendment bill empowers the agency to seize debtors’ property, including those not used as collaterals.

The bill which was passed on Wednesday followed the consideration of a report by the Committee on Banking, Insurance, and Other Financial Institutions.

The bill empowers AMCON to, amongst others, take possession, manage or sell all property traced to debtors, whether or not such assets or property are used as security/collaterals for obtaining the loan in particular.

It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters.

The Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central), in his presentation said the committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and Nigeria Deposit Insurance Corporation.

According to the lawmaker, the stakeholders in their submissions pushed for AMCON to be empowered to take possession, manage, foreclose or sell, transfer, assign or otherwise of property used as security for eligible bank assets among others, adding that, “this will provide for a quicker, easier and legitimate process of assets disposal.”

The Deputy Senate President, Ovie Omo-Agege (APC, Delta Central), during the clause-by-clause consideration of the bill sought to know the rationale behind the recommendation of the committee in clause two, which empowers AMCON to take possession of assets outside of those used as collateral in obtaining a loan request.

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He said : “The essence of collateral, is that in the event of default, you lose that asset. What I am reading here is that in addition to seizing that asset, they (AMCON) want to go beyond that to every other asset or property that is traceable to the debtor. I think I need some clarifications to that.”

Another lawmaker, Senator Bassey Albert Akpan (PDP, Akwa-Ibom North East) argued that, “you cannot go outside the asset presented for the facility.”

Senator Adamu Aliero, however, explained that “Mr. Chairman, if you can recall, during the debate on this bill, senators made it abundantly clear that these debtors are taking government money, and they are using it freely and going free, and we need stringent measures to be enforced to recover the money.”

The Senate President, Ahmad Lawan, at this point called for voting on the contentious clause, which eventually was adopted by lawmakers in the majority, following Lawan’s ruling.

After the passage of the bill, Senators Bassey Akpan and Chukwuka Utazi, while relying on a Point of Order put forward by the former, contested the ruling of the Senate president by requesting a division.

Interjecting, the Senate president said: “When we come to legislate, we all come here with a very clear mind, that we are doing this for our country, we don’t have any interest but the national interest.

“[And] when a majority of our colleagues here in their judgement feel that this is the right thing to do, that’s the majority view, unless we have any cause to reverse ourselves.

“If the majority of senators say that this is what they feel should be done to remedy a situation that requires our attention, I think we should allow that.

“Besides, I believe we had explanations from the committee members who went through all the processes, so, I believe that we should let it go.

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“Let the people go to court to test it, but our hope and desire are for AMCON to be able to recover huge sums of money – trillions that people have taken and now is on the head of Nigerians. And, it is criminal, really. People will consciously take money. I will advise that we stick to our decision.”

Bala Ibn Na’Allah (APC, Kebbi South) and Opeyemi Bamidele (APC, Ekiti Central), advocated the inclusion of a proviso amid the AMCON amendment, so as to give it precedence over any other law that may be used to cite an instance of conflict.

“We have to put a clause to say, ‘notwithstanding the provisions obtained in any other law to enable the law take effect,” Na’Allah suggested.

Chukwuka Utazi, on his part, kicked against the clause empowering AMCON to take possession of assets traced to debtors, explaining that, “most of the banks that have those bad debts colluded with the customers in doing that in the first place.”

Senator George Thompson Sekibo (PDP, Rivers East), while citing the Senate rules, observed that, “it will be out of order to reconsider any specific question, upon which the Senate has come to a conclusion during the current session, except upon a substantive motion or decision.”

“All the discussion we are making on it now is of no value, they are not supposed to be recorded because we have come to a decision on it. It may be wrong or right, but we have ended it,” Sekibo added.

The Senate President, thereafter, ruled Senator Akpan’s call for a division out of order, against the backdrop of the provision of the Senate Rule cited by Sekibo.

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LP Chieftain, Kenneth Okonkwo Disagrees With Peter Obi

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LP Chieftain, Kenneth Okonkwo Disagrees With Peter Obi

By John Michael Ojo

Kenneth Okonkwo, a chieftain of the Labour Party who doubled as the party’s spokesman during the 2023 general elections has accused the party’s chairman, Julius Abure of corruption and mismanagement of the party’s fund.

Okonkwo, a Nollywood Actor turned politician disclosed this on Tuesday via microblogging platform X, formerly known as Twitter.

He also alleged that the LP’s national convention organised by the Abure-led National Working Committee lacked merit in its entirety.

While distancing himself from the embattled party’s chairman, he wrote: “I am suspending my relationship in all ramifications with the purported Abure-led National Working Committee of Labour Party.“

For me, it’s either a new Nigeria or nothing. I prefer to lose doing the right thing to winning doing the wrong thing.

“Nothing can wash out the criminality, corruption, and incompetence with which the purported Natokoional Convention was purportedly organised by Abure.

“I did not leave the comfort of a ruling party, APC, because I believe that they are incompetent and dishonest, only to come and join another incompetent and corrupt association, which is the current Abure-led National Working Committee of Labour Party.”

Okonkwo’s claim is coming barely days after the presidential candidate of party, Peter Obi drummed support for the Abure-led NWC.

Obi who was viewed as a favourite in the build-up of the presidential election came a distant third behind former Vice President, Atiku Abubakar.

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Abiodun Commends Ogun Assembly For Seamless Transition As Elemide Is Elected Speaker

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L-R: Hon. Adegoke Adeyanju; Minority Leader, Lukman Adeleye; Attorney-General and Commissioner for Justice, Oluwasina Ogungbade; Deputy Speaker, Hon. Bolanle Lateefat Ajayi; new Speaker, Oludaisi Elemide; Deputy Governor, Engr. Noimot Salako-Oyedele; SSG, Mr. Tokunbo Talabi; Deputy Chief of Staff, Toyin Taiwo; Commissioner for Local Government and Chieftaincy Affairs, Hon. Ganiu Hamzat; Majority Leader, Yusuf Sheriff and Hon. Waliu Owode.

Ogun State Governor Prince Dapo Abiodun has congratulated the new Speaker of the State House of Assembly, Rt. Hon. Oludaisi Elemide and other lawmakers for ensuring a rancour-free process.

The governor, who was represented by the Deputy Governor, Engr. (Mrs.) Noimot Salako-Oyedele spoke when he received 19 members of the House who accompanied the new speaker on a courtesy call on him on Tuesday in his office at Oke-Mosan, Abeokuta.

He commended the seamless manner in which they elected the new speaker, reaffirming that the lawmakers have the right to decide who would lead them in a democracy.

He said: “It is worthy of note that the executive has not interfered in the process to make sure that you are comfortable in what you want to do, that led you to making your decision. And we support you in the decision that you make.

“You have gone through the process in a way that is exemplary. This is not the first time in this country that members of a particular legislature have decided to change their leader.”

He emphasized that the executive arm would continue to adhere strictly to the concept of Separation of Power and the rule of law in its relationship with the House of Assembly.

The governor pledged that his administration would support and work closely with the legislature to maintain the harmonious relationship that has existed in the last four and a half years.

In his remarks, the new speaker, Rt. Hon. Elemide said the House would continue to complement the executive and avoid the unnecessary mudslinging that may hinder the progress of the state.

“We are not going to fight, and neither are we going to compromise the executive. In the legislature, there is room for lobbying. We will lobby where we need to lobby, we will assert where we need to assert, and we will let the whole people of the State know that we are there for them.

“To my colleagues, I would not want to betray their confidence that they have in me. It is going to be we and not I. I am just the first among equals, and we were voted in from our various constituencies. I will take cognisant that we are equal.

“I will be there to speak for them, and I will speak whatever they put in my mouth,” Elemide concluded.

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Our Supreme Court Victory, An Impetus To Do More – Abiodun

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Ogun State Governor, Prince Dapo Abiodun, waving to supporters at the Gateway International Agro Cargo Airport, Iperu, on arrival from Abuja after Friday's Supreme Court judgement.

Tells Adebutu To Get Set For His Re-run In 2027

Ogun State Governor Prince Dapo Abiodun has said that his administration will now keep its eyes on further development of the state, following his Supreme Court victory on Friday.

The governor said that all attempts to distract his administration had failed, noting that the Supreme Court victory marked an end to court shopping by his political adversaries.

Prince Abiodun stated this in an interview with journalists at the Gateway International Airport, Iperu-Remo, on his arrival from Abuja.

He called on the governorship candidate of the Peoples Democratic Party (PDP), Ladi Adebutu, and other political adversaries to get ready for their re-run in 2027.

“We hope our opponents who have been making a lot of noise about a re-run can prepare for a re-run in 2027.

“Now, this victory marks an end to this court shopping for adversaries and for us. It is the final victory in this journey that started in 2018.

“We will now keep our eyes further focused on the ball. All attempts to distract us have failed,” he said.

Governor Abiodun also promised that his administration would now focus more on sustaining it’s legacies, adding that the people of the state would now begin to experience the good programmes his administration has for them.

“We will now focus on sustaining our legacies, the foundation of which we laid since we assumed office in 2019 and in the coming weeks, you will see some of the goodies that we will be unveiling for the good people of the state,” he said.

Prince Abiodun expressed gratitude to President Bola Ahmed Tinubu for supporting his political journey, his team of lawyers, led by Chief Wole Olanipekun, national and state chairmen of the All Progressives Congress (APC), Dr. Abdulahi Umar Ganduje and Chief Yemi Sanusi for their support.

Governor Abiodun also praised the five-man panel of the Supreme Court led by Hon. Justice John Inyang Okoro, the Ogun State Governordhip Election Petition Tribunal and the Appeal Court, for affirming the choice of the people of the state.

“Today, the Supreme Court has affirmed our victory, which was earlier affirmed by the Tribunal and then the Appeal Court, but our adversaries were not satisfied. They proceeded to the Supreme Court and yet again the five-man panel led by the Hon. Justice John Inyang Okoro affirmed the wishes of the generality of the Ogun State people.

“We thank them because once again, they’ve demonstrated that they are the hope and the last one of the common man.

“We want to appreciate the tribunal who laid the foundation for today’s victory. The Appeal Court further built on that foundation and all the judges of both court and, of course, now the Supreme Court led by Hon. Justice John Inyang Okoro,” he said.

The Secretary to the State Government, Mr. Tokunbo Talabi ascribed the victory to God Almighty.

He said that while the governor placed his trust in God, the opposition put theirs in money.

A Member, House of Representatives, representing Yewa North/Imeko-Afon Federal Constituency, Hon. Gboyega Isiaka noted that the victory had finally put an end to the belief of the opposition that they could unseat the incumbent, adding that the developmental strides of Governor Abiodun would certainly continue till 2027.

The State Chairman of the APC, Chief Yemi Sanusi, commended the Supreme Court for ensuring that the verdict of the people was not taken away by money mongers.

The Special Adviser, Media and Strategy, Kayode Akinmade thanked God for the victory and the truth that was made known at the Supreme Court.

Mr. Akinmade said that money was put to shame, while those who placed their trust in God earned a well-deserved victory.

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