ASSET MANAGEMENT CORPORATION OF NIGERIA (AMENDMENT) ACT, 2010

CENTER FOR LAW OF NIGERIA : FEDERAL LAWS

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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:

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

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