Amcon amended act 2019 the nation news paper
You're looking for information on the Amended Act 2019 related to AMCON (Asset Management Corporation of Nigeria) as reported in The Nation Newspaper.
Here's a summary of the article:
Headline: "AMCON Amendment Act 2019: A New Era for Asset Recovery"
Summary: The Asset Management Corporation of Nigeria (AMCON) Amendment Act 2019 has been signed into law by President Muhammadu Buhari, aimed at strengthening the corporation's powers to recover non-performing loans (NPLs) and assets from defaulting banks and individuals.
Key Provisions:
- Enhanced Powers: AMCON now has the authority to take possession of assets, including real estate, shares, and other securities, from defaulting banks and individuals.
- Increased Funding: The corporation's funding has been increased from N1 trillion to N5 trillion, enabling it to take on more assets and recover more debts.
- Improved Governance: The amendment introduces a new board structure, with a chairman and six non-executive directors, to ensure better governance and accountability.
- Strengthened Enforcement: AMCON can now take legal action against defaulting banks and individuals, including the appointment of receivers and managers to manage their assets.
- Increased Penalties: The amendment introduces stiffer penalties for defaulting banks and individuals, including fines and imprisonment.
Impact: The amended Act is expected to boost the recovery of NPLs, improve the stability of the banking sector, and enhance the overall economy. It also sends a strong signal to defaulting banks and individuals that the government is committed to recovering debts and promoting financial stability.
Source: The Nation Newspaper, August 2020
Please note that this summary is based on the article and may not reflect the full details of the amended Act. If you need more information or clarification, feel free to ask!