President Buhari signs three bills into law

President Muhammadu Buhari has signed three bills passed by the last National Assembly into law.

The bills are the Asset Management Corporation of Nigeria (Amendment) Act, 2019; Defence Intelligence Agency Civilian Pensions Board (Establishment) Act, 2019; and National Biosafety Management Agency (Amendment) Act, 2019.

An announcement of the president’s assent and details of the bills were obtained by Breaking Times from Ita Enang, President Buhari’s Senate liaison.

Read the full statement by Mr Enang below.

1. Asset Management Corporation of Nigeria (Amendment) Act, 2019

2. Defence Intelligence Agency Civilian Pensions Board (Establishment) Act, 2019

3. National Biosafety Management Agency (`Amendment) Act, 2019

President Muhammadu Buhari has assented to three more Bills passed by the 8th National Assembly and transmitted to him for Assent, namely:

1. Asset Management Corporation of Nigeria (Amendment) Act, 2019

The Asset Management Corporation of Nigeria (Amendment) (No. 2) Act further amends the 2010 Act by increasing the powers of the Commission in enforcement of recovery of debt from persons owing legacy banks or seizure of property subject of loan obligation. In particular, it empowers AMCON to:

1. place any bank account or any other account comparable to a bank account of a debtor of an eligible financial institution under surveillance,

2. 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

3. 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, and the protection of customer confidentiality is not a ground for the denial of the power of the Corporation under this section.’’

It 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 and then impose an obligation to seek clearance on the Federal Government, Ministries, Departments and Agencies when the Federal Government, any Ministry, Department or Agency proposes to contract with, or pay, debtors on the list furnished by the Corporation.’’

It further provides that:

(1) all money standing to the credits of the Corporation in any bank account is deemed to be in the custody and control of the Corporation.

(2) where any proceeding is pending in any court of competent jurisdiction by or any the Corporation, the grant of any interim, interlocutory or preservative order of attachment against the Corporation’s funds in any bank is prohibited.’’