Overview

The Asset Management Corporation of Nigeria (Amendment No. 2) Act, 2019 amends the Asset Management Corporation of Nigeria Act, No. 4, 2010 to expand the Corporation's functions and increase the number of Board members. Key amendments include: adding powers to obtain ex parte court orders for surveillance of debtor accounts, accessing computer systems, and obtaining financial records despite banking secrecy; requiring the Corporation to furnish a list of recalcitrant debtors to Federal Government entities, which must seek clearance before contracting with or paying listed debtors; restructuring the Board to include a part-time Chairman (a Deputy Governor of the Central Bank of Nigeria) and five non-Executive Directors from different geopolitical zones; and stipulating that no enforcement or execution of money judgments against the Corporation can proceed without prior written consent from the Attorney-General of the Federation, and that all funds in Corporation accounts are deemed in its custody and control.

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