Debt recovery: Buhari signs new law increasing AMCON’s power

President Muhammadu Buhari has signed into law the Asset Management Corporation of Nigeria (Amendment) Act, 2019 and Defence Intelligence Agency Civilian Pensions Board (Establishment) Act, 2019.

The Senior Special Assistant to the President on the National Assembly (Senate), Sen. Ita Enang, confirmed this development in a statement in Abuja on Wednesday.

He said the Asset Management Act 2019 further amended the 2010 Act by increasing the powers of the commission in enforcement of recovery of debts from persons owing legacy banks or seizure of property subject of loan obligation.

According to him, the new law empowers AMCON to place any bank account or any other account comparable to a bank account of a debtor of an eligible financial institution under surveillance.

”The new Management Corporation of Nigeria Act gives AMCON powers to obtain access to any computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor.

”And to obtain information in respect of any private account together with all bank financial and commercial records of any debtor of any eligible financial institution, banking secrecy.

“The protection of customer confidentiality is not a ground for the denial of the power of the Corporation under this section,’’ he said.

Speaking further, Enang said the law now makes it mandatory for AMCON to, despite the convention of confidentiality of banking, business and contracting relations to: “furnish the Federal Government, Ministries, Departments and Agencies with a list of recalcitrant debtors.

The presidential aide stated that the Act provided for ‘’a part-time Chairman who shall be a Deputy Governor in the Central Bank of Nigeria to be nominated by the Central Bank of Nigeria.

The presidential aide further disclosed that the president has also assented to the National Biosafety Management Agency (Amendment) Act, 2019, with a view to preventing any adverse effect to human health and environment in the country.

According to him, the Amendment empowered the Agency to put in place measures to ensure Bio-Security across the country.

He said the bill amended the National Biosafety Management Agency Act No. 20, 2015 to enlarge the scope of application of the Act by including the emerging aspects of modern biotechnology and biosecurity in the country.

On the Defence Intelligence Agency Civilian Pensions Board (Establishment) Act, 2019, Enang said: ”This Act establishes an Agency charged with the responsibility for administering pension scheme for civilian personnel of the Agency.

”This covers pension on voluntary retirement and benefit if death occurs in course of duty as well as pension if in normal course of retirement.”