The accounts of some prominent Nigerians will come under scrutiny from now on.
This follows the signing into law by President Muhammad Buhari of a bill that would empower the Assets Management Company of Nigeria to monitor and supervise the accounts of the prominent Nigerians who are indebted and the debts bought over by AMCON.
The bulk of the debts are owed Banks.
Among those who had been listed by AMCON as being indebted to the tune of over N5 trillion are Jimoh Ibrahim, Wale Babalakin, Senator Chimaroke Nnamani and Senator Ifeanyi Uba.
President Buhari’s aide, Senator Ita Enag, who revealed the signing of the law, said the AMCON (amendment) Act, 2019 empowers AMCON to access the financial details of any of its debtors.
Enang said the law mandates AMCON to: “Obtain access to any computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor, and to obtain information in respect of any private account together with all bank financial and commercial records of any debtor of any eligible financial institution, banking secrecy, and the protection of customer confidentiality is not a ground for the denial of the power of the corporation under this section.
“It makes it mandatory for AMCON to, despite the convention of confidentiality of banking, business and contracting relations to furnish the Federal Government, Ministries, Departments and Agencies with a list of recalcitrant debtors and then impose an obligation to seek clearance on the Federal Government, Ministries, Departments and Agencies when the Federal Government, any Ministry, Department or Agency proposes to contract with, or pay, debtors on the list furnished by the corporation.
“All money standing to the credits of the corporation in any bank account is deemed to be in the custody and control of the corporation. Where any proceeding is pending in any court of competent jurisdiction by or any the corporation, the grant of any interim, interlocutory or preservative order of attachment against the corporation’s funds in any bank is prohibited. The corporation may require any eligible financial institution from which it has acquired an eligible bank asset or any director, manager or officer of such eligible financial institution to furnish information and produce documents, books, accounts and records in relation to any eligible bank asset acquired by the corporation from such eligible financial institution or in relation to the borrower or other obligator connected with such eligible bank asset.”
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