Nigeria’s President, Muhammadu Buhari has signed the climate change and Asset Management Corporation (AMCON) Amendment bills into law.
The bills were passed by the NationalAssembly recently.
The climate change bill was sponsored by Sam Onuigbo, a member of the House of Representatives.
The development was disclosed by the Senior Special Assistant on Media and Publicity to the President, GarbaShehu, in a statement. Garba said the bill also paves way for environmental and economic accounting and added that the AMCON (Amendment) Act would replace the AMCON Act No. 4, 2010.
Shehu said: “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.
“The Act confers on AMCON 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 fulfil their commitments to banks.”
