AMCON, NDDC, NEDC and Other Errors SIMON KOLAWOLE BY SIMONKOLAWOLELIVE! Two years ago, when Senator Uba Sani, the governorship candidate of the All Progressives Congress (APC) in Kadun
SIMON KOLAWOLE BY SIMONKOLAWOLELIVE!
Sani, the senator representing Kaduna Central — who is also chairman of senate committee on banking, insurance and other financial institutions — sponsored the AMCON amendment bill which was signed into law by President Muhammadu Buhari in November 2021. The fine print, as I would call it, is that there is now a provision for asset tracing. All assets traceable to a debtor, whether located in Kaura Namoda or Ekeremor, can now become a subject of attachment with the help of a court judgement.
From what I have read in the media, the courts also give conflicting orders, thereby stalling the recovery processes and frustrating efforts to implement the AMCON law. It is particularly difficult for AMCON to get a court date for its cases. Deposit of judgement sum, which the law stipulates, is hardly enforced by the courts. Chronic debtors still get government contracts and still do not settle their debts.
Worse still, the National Deposit Insurance Corporation , which insures bank deposits, was only empowered by law to pay pittance to the depositors of failed banks. The maximum payable is N500,000 for account holders in a commercial bank, no matter the amount lost . AMCON definitely saved jobs and lives in 2010, but there were those who kicked over the moral hazard of rewarding the banks’ corrupt risk management system.
The same goes for the Amnesty Programme. The original concept, as President Umaru Musa Yar’Adua told us in 2007, was to rehabilitate and reform youths who were engaged in militancy. The idea was to make them lay down their arms and embrace a process that will empower them with skills and make them reintegrate into the society. It was not supposed to be forever and ever. Today, the Amnesty Programme has become one of the warmest honeypots.
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