The Vice-President, Prof. Yemi Osinbajo, has directed that new approaches be  adopted in the recovery of debts owed the Assets Management Corporation of Nigeria (AMCON).

Osinbajo’s spokeman, Laolu Akande, in a statement said the directive was part of President Muhammadu Buhari’s renewed efforts to ensure the effective recovery of over N5 trillion being outstanding debts owed AMCON.

Osinbajo had on Monday had a meeting with the corporation's management, board members and selected heads of government agencies at the presidential villa following which a new committee was set up to carry out the assignment.

The agencies included Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices Commission (ICPC) and  permanent secretaries of the Ministries of Justice and Transportation.

Osinbajo said a special task force comprising the heads of AMCON, EFCC, NFIU, ICPC and the Ministry of Justice, would work to develop and implement new strategies that will ensure speedy recovery of the debts.

Osinbajo said the agencies had to re-strategise to achieve the desired results.

“The key is collaboration. We need a small team comprising these agencies to look at the next steps that we need to take, especially the criminal aspect, forfeiture, and all of that,” he said.

According to him, the task force will look at the top 20 AMCON defaulters closely and develop a plan of action that will yield results.

The AMCON Chairman, Muiz Banire, had some months ago reported that about 67 percent of the outstanding debts was owed by 20 individuals and entities.

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