Assets Management Act Second Reading

October 9, 2017
Assets Management Act Second Reading

By Dipo Olowookere

A bill for an Act to establish and regulate the Nigerian Assets Management Agency has scaled second reading in the House of Representatives.

The bill, sponsored by a member of the lower parliament, Mr Jones Onyereri, seeks to address the threat to the economy, by providing managerial services to law enforcement agencies in relation to property seized, which are connected with designated criminal offences.

The bill hopes to establish a body that will be charged with the responsibility of managing all government assets, including those seized by federal security bodies.

However, the bill did not go down well with a lawmaker who pointed out that the passage of the bill will only amount to the duplication of responsibilities of the Asset Management Corporation of Nigeria (AMCON).

He said it was unnecessary for the establishment of the new bill since there was an existing agency performing a similar function.

But sponsor of the bill explained that it was in view of recent happenings in the country, especially cases of forfeiture in courts conducted by the Economic and Financial Crimes Commission (EFCC), which has involved properties worth billions from individuals across the country.

However, after it was debated on the floor of the green chamber, the bill was referred to the House committee on Banking and currency, for referral.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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