By Juliet Uduji
A Bill which seeks to ensure smooth operation of the Asset Management Corporation of Nigeria (AMCON), on Tuesday, 23 March, scaled second reading in the Senate.
The Bill titled: “A Bill for an Act to amend the Asset Management Corporation of Nigeria Act No.3, 2014 to extend the tenor of the resolution cost fund and for related matters, 2021” was sponsored by Senator Opeyemi Bamidele (Ekiti Central).
Bamidele in his lead debate noted that the main aim of the proposed amendment is to update a few clauses in the Act that have been hampering the operations of the AMCON.
He said: “Under the current Act, the continued smooth operation of AMCON is threatened by the tenor put on a key funding provision for AMCON.
“Therefore, the proposed amendment is designed to allow for more flexibility in the tenor of this key funding provision.”
The objective of the Bill, according to the Ekiti Central lawmaker, is to allow for a more flexible, industry-determined tenor for one of the key funding options of AMCON in order to enable it to carry out its functions effectively.