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Buhari assents to new AMCON, Climate Change laws

President Muhammadu Buhari has signed into law the Asset Management Corporation of Nigeria (Amendment) Act.

This amends the AMCON Act No.4, of 2010, according to a statement issued on Thursday by presidential spokesman, Garba Shehu.

The new Act 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, which confers on the corporation 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.

Also signed into by the President, according to the statement, is the Climate Change Act.

The Act owes its origin to a bill sponsored by a member of the House of Representatives from Abia State, Sam Onuigbo.

It provides for, among other things, the mainstreaming of climate change actions and the establishment of a National Council on Climate Change.

It also paves the way for environmental and economic accounting and a push for a net zero emission deadline plan in the country.

The President assented yo the new laws following their recent consideration and passage by the National Assembly.

Written by ExpressDay

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