President Muhammadu Buhari has signed into law, the Climate Change and the Asset Management Corporation of Nigeria (AMCON) as amended bills into law.
This was contained in a State House press release, signed by Garba Shehu, Senior Special Assistant to the President on Media and Publicity.
Recall that the Climate Change bill which had been passed by the National Assembly, was sponsored by the member representing Ikwuano/Umuahia federal constituency, Honorable Sam Onuigbo.
The Climate Change Act provides for, among other things, the mainstreaming of climate change actions and the establishment of a National Council on Climate Change.
It also paves the way for environmental and economic accounting and a push for a net zero emission deadline plan in the country.
The Asset Management Corporation of Nigeria (Amendment) Act amends the AMCON Act No.4, 2010.
It provides for the extension of the tenor of the Resolution Cost Fund and grants access to the Special Tribunal established by the Banks and other Financial Institutions Act 2020, which confers on the corporation the power “to take possession, manage, foreclose or sell, transfer, assign or otherwise deal with the asset or property used as security for eligible bank assets and related matters.’’
This, in effect, will help AMCON make recoveries and for debtors to fulfill their commitments to banks.
