ASSETS MANAGEMENT ADMINISTRATION (AMCON) ACT, 2010

CENTER FOR LAWS OF NIGERIA: FEDERAL LAWS

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LAWS OF THE FEDERATION OF NIGERIA

ASSET MANAGEMENT CORPORATION OF NIGERIA ACT, 2010.

[EDITOR’S NOTE: This Act has been amended by the Asset Management Corporation of Nigeria (Amendment No. 2) Act, 2019 and Asset Management Corporation of Nigeria (Amendment) Act, 2015

ARRANGEMENT OF SECTIONS

PART 1 – ESTABLISHMENT, ETC. OF THE ASSET MANAGEMENT CORPORATION OF NIGERIA

1. Establishment of the Corporation
2. Authorised capital
3. Head Office of the Corporation
4. Objects of the Corporation
5. Functions of the Corporation.
6. Powers of the Corporation
7. Appointment of asset managers
8. Power of The Central Bank of Nigeria to issue guidelines and directions

PART II- ADMINISTRATION AND MANAGEMENT

9. Establishment and responsibility of the Board
10. Composition and tenure of the Board
11. Members of the Board to act in good faith
12. Remunerations of Board members
13. Disqualification and cessation of office
14. Resignation and removal of Board members
15. Filling of casual vacancy
16. Declaration of debt obligations and disclosure of interest
17. Management of the Corporation
18. Appointment of other staff

PART III- FUNDS, FINANCES, ACCOUNTS, AUDIT, ETC.

19. Funds, Finances, Accounts, Audit, Etc of the Corporation.
20. Books of accounts
21. Annual report
22. Report to Central Bank of Nigeria, etc
23. Audited accounts

PART IV – ELIGIBLE BANK ASSETS ACQUISITION, MANAGEMENT, ETC.

24. Designation of eligible bank assets
25. Purchase of eligible bank asset by the Corporation
26. Consideration for purchase of eligible bank assets
27. Guarantee of Corporations bonds by Federal Government of Nigeria
28. Valuation and purchase price of eligible bank asset
29. Procedure to be followed by eligible financial institution
30. Corporation not bound to purchase eligible bank asset
31. Delivery of books, records, etc to the Corporation upon purchase
32. Purchase agreement, indemnity, etc
33. Notice to debtors, etc of acquisition of eligible bank assets
34. Effect of acquisition of eligible bank asset by the Corporation
35. Corporation to have rights of creditors after acquisition of eligible bank asset
36. Restrictive Collateral to be held in trust
37. Tainted eligible bank asset
38. Assistance to Corporation by eligible financial institutions in legal proceedings
39. Transfer, assignment, etc by Corporation to override restriction on disposal
40. Power to discharge second or subsequent pledge
41. Validity of transfer of interest by document under Corporation’s seal
42. Undisclosed representations, undertakings and obligations to debtors unenforceable against the Corporation
43. Limitation on liability of Corporation
44. Indemnification of Corporation by eligible financial institution
45. Corporation not required to be registered as owner of security
46. Redemption of debt securities issued by the Corporation
47. Treatment of assets upon dissolution of Corporation

PART V- SPECIAL POWERS OF THE CORPORATION

48. Powers of the Corporation to act as or appoint a receiver for a debtor company
49. Custody and possession of debtor’s property
50. Attachment and freezing of debtor’s bank account
51. Special powers in bankruptcy proceedings

PART VI – SPECIAL DEBT RECOVERY PROCEDURE

52. Special powers in winding up proceeding
53. Designation or a Judge to hear matters

PART VII – OFFENCES AND PENALTIES

54. Offences and penalties
55. Prosecution of offences

PART VIII – MISCELLANEOUS

56. Code of practice
57. Power to make regulations
58. Power of the Central Bank to supervise and regulate the Corporation
59. Regulatory powers and functions of Governor not affected
60. Corporation to be exempted from Capital Gains Tax
61. Interpretation
62. Citation

CITATION

An Act to establish the Asset Management Corporation of Nigeria for the purpose of efficiently resolving the nun-performing loan assets of banks in Nigeria; and for related matters.

ENACTED by the National Assembly of the Federal Republic of Nigeria:

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)

LAWS MADE BY THE NATIONAL ASSEMBLY OF NIGERIA [1999 – 2018]