Economy

EFCC recovers N1.6bn for AMCON in 4years – Official

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EFCC recovers N1.6bn for AMCON in 4years – Official

By EricJames Ochigbo

The Asset Management Corporation of Nigeria (AMCON) reported receiving N1, 667, 582, 605.04 funds recovered by the Economic and Financial Crimes Commission (EFCC) between 2017 and July 5, 2021.

This was contained in a letter presented to the House of Representatives ad hoc committee on the assessment and status of all loot recovered during an investigative hearing Tuesday in Abuja.

The letter was signed by the Director General, Ahmed Lawan Kuru and the Group Leader, Enforcement, Joshua Ikioda.

The company said the amount represented the recovered loan repayments, which were credited to its Central Bank of Nigeria (CBN) account for the settlement of the bond obligations.

Showing a synopsis of the payment, AMCON said remittances to the company in 2017 were N1,178,764,500 for the credit of nine debtors.

For collections made in 2019, the agency said it received N356, 318, 105.08 in September 2020 for seven debtors.

AMCON stated that it received a letter dated December 17, 2019 from the EFCC transmitting promissory notes for four debtors in the amount of N1, 194,778,813.

The company said, however, that the ratings were returned to the EFCC by letter dated October 28, 2019, as they were prepared by the debt management office.

The letter pointed out that the schedule sent to the company by the House committee indicated payments by the EFCC of the sum of N 87,495,087.50 in 2020.

But the agency said it has yet to receive the stated amount as it could be that these are recoveries that have yet to be disclosed to the company.

Also at the hearing, the Nigeria National Petroleum Corporation (NNPC) said it was working to collect debts from some banks for Nigerian Liquefied Natural Gas (NLNG) dividend funds.

The committee, headed by the Honorable Adeogun Adejoro, also ordered the NNPC to submit all of its accounts before its next meeting next week on Tuesday.

Adejoro said all debts owed to the government must be vigorously pursued, as such funds are needed to finance the 2022 budget.

Source: NAN

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