Overview

The Asset Management Corporation of Nigeria (AMENDMENT) Act, 2015, amends the Asset Management Corporation of Nigeria Act No. 4 of 2010. The amendments include: (1) deleting subsection (3) of section 2; (2) replacing subsection (5) of section 16 to prohibit Board members or employees from directly or indirectly being involved in the purchase of assets acquired by the Corporation; (3) replacing subsection (2) of section 22 to require the Corporation to submit quarterly reports of its operations, including the Resolution Cost Fund, to both Houses of the National Assembly through relevant Standing Committees; (4) amending section 34 by deleting certain words in subsection (1) and inserting a new paragraph (c) in subsection (2) regarding pending court actions; (5) amending section 35 by adding new subsections (5) and (6) addressing limitation periods and continuation or discontinuation of actions related to acquired assets; (6) inserting new subsections in section 48 regarding powers of a receiver; and (7) amending section 60 by inserting a new Part IX. The Act also includes amendments to section 61 and provides for citation.

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