Core Values represent those central beliefs which guide the internal workings of the corporation namely:. AMCON was created to be a key stabilizing and re-vitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.
Abuja - 09 Lagos - 01 customer. Toggle navigation. This receiver has been empowered by the Act to realize the assets of the debtor company, enforce the individual liability of its shareholders and directors and manage its affairs.
The debt recovery process sometimes includes asset disposals. AMCON by virtue of the Act, is empowered to dispose of managed assets for the purpose of fulfilling its functions and objectives. The real estate asset maybe residential or commercial property. In addition to Section 5 stated above, AMCON may also dispose of eligible bank assets that have been acquired by it, including portfolios of such banks in the market at the best achievable price. It may also securitize or refinance portfolios of eligible bank assets, as well as hold, realize and dispose of the collateral securing eligible bank assets.
Holding selling EFIs to their loan sale obligations and giving teeth to clawback rights. Checkmating debtors legal gymnastics and exploitation of legal technicalities to frustrate recovery. Tracing and Tracking Debtors Hidden Funds Targets debtors that are able but unwilling to pay and who hide their funds, financial and commercial information away from AMCON to frustrate recovery.
Comprehensive disapplication of banking secrecy laws and bankers confidentiality rules —Section 6 1 ua iii and new Section 50A 1. AMCON may additionally apply to court ex parte to compel compliance and the court except where it sees a good reason to the contrary is required to make order and award cost of a minimum of N5million- new Section 50A 4.
Requiring any EFI by written notice for details of debtor's bank balances and investments by way of deposits and financial instruments- new Section 50A 1. Imposing an obligation on FG and Federal MDAs to seek AMCON clearance before contracting with or making payments to recalcitrant debtors on list furnished — new Section 6 6 and new Section 50B 2 Prohibits procuring entities from awarding contracts to, or conducting business with, or making payments to debtors in the published list without AMCON's prior written concurrence, and without satisfying themselves that any condition attached to AMCONs concurrence has been met- new Section 50B 3.
It also mandatorily obligates the immediately debit the defaulting EFI the purchase price with interest — new Section 31 7. Prohibits other secured creditors or judgment creditors from enforcing security during the protected standstill period — new Section 48 7 b.
Section 12 inserted a new subsection 2 for the introduction of Certificate of Judgment which constitutes Registrable instrument. Nigeria Finance and Banking Financial Services. According to Roy Goode, a financier taking security for an advance is concerned to see that if the debtor's assets are insufficient to meet the claims of all his creditors, the financier will at least be With the growing demand for faster and more convenient financial services, there are more people looking to solve this problem by setting up a digital bank.
We have had startups The banking regulations in Nigeria embodies various legislations and supervisory regulations. Bank loans are a very valuable tool for the growth and sustainability of businesses in Nigeria; particularly since we are not exactly a credit-oriented society. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Register For News Alerts. Article Tags. SimmonsCooper Partners. NOV Securitisation Outlook and Key Tax Updates for More Webinars.
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