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Buhari Signs Strategic Bills Into Law, Empowers Banks To Go After Debtors
On Wednesday, August 7, President Muhammadu Buhari signed three bills into law.
The bills includes the Asset Management Corporation of Nigeria (Amendment) Act, 2019, the Defence Intelligence Agency Civilian Pensions Board (Establishment) Act, 2019 and National Biosafety Management Agency (Amendment) Act, 2019.
The Debt Management bill empowers financial institutions to recover loans from bad debtors.
Senator Ita Enang, presidential aide on National Assembly matters, in a statement said the bills were passed by the 8th National Assembly.
Enang said that the first bill further increases the power of the asset corporation to recover debt from people owing banks. The bill will also empower legacy banks to seize property that are connected to defaulted loans.
“In particular, it 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,” he said.
The AMCON bill will let federal government and ministries get a list of stubborn debtors and also get access to computer access of debtors with the aim of tracing their funds.
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