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News around Africa - Profiles - July 31, 2019

Nigeria’s Government Sets Up Taskforce to go after Debtors

The Nigerian government has vowed to go after its top 20 debtors in a renewed bid to recover a N5 trillion debt owed.

The country’s Vice President Yemi Osinbajo said yesterday, July 30 that the federal government has set up a task force to monitor the debtors on the list of the Asset Management Corporation of Nigeria (AMCON).

The top five debtors, their promoters and amounts owed

According to a statement released by the VP’s spokesman Laolu Akande, the agencies tasked to go after the debtors are Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and the permanent secretaries of the justice and transport ministries.

At a meeting at the Presidential Villa in Abuja, Osinbajo instructed all the agencies to re-strategise to achieve the desired results.

“The key is collaboration. We need a small team comprising these agencies to look at the next steps that we need to take, especially the criminal aspect, forfeiture, and all of that,” he said.

According to Muiz Banire, AMCON chairman, 67% of the N5 trillion debt is owed by the top 20 debtors.

Some of the stakeholders present at the meeting were Ibrahim Magu, the acting chairman of the EFCC; Bolaji Owasanoye ICPC chairman; Modibbo Tukur, NFIU director; Sabiu Zakari, permanent secretary at the ministry of transportation.

AMCON publishes list of 105 debtors owing N906 billion; Ifeanyi Ubah, Jimoh Ibrahim tops list

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