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President Muhammadu Buhari on Wednesday, August 7, signed three bills into law

- President Muhammadu Buhari on Wednesday, August 7, signed three bills into law
- The bills cover debt management, defence intelligence, and national biosafety
- With the debt management bill, banks are more empowered to recover loans from debtors
President Muhammadu Buhari on Wednesday, August 7, assented to three bills, one of which is the Asset Management Corporation of Nigeria (Amendment) Act, 2019.
The other two bills are Defence Intelligence Agency Civilian Pensions Board (Establishment) Act, 2019 and National Biosafety Management Agency (Amendment) Act, 2019, The Nation reports.
Senator Ita Enang, presidential aide on National Assembly matters, in a statement said the bills were passed by the 8th National Assembly.
He said that the first bill further increases the power of the asset corporation to recover debt from people owing banks.
The bill will also empower legacy banks to seize property that are connected to defaulted loans.
“In particular, it empowers AMCON to place any bank account or any other account comparable to a bank account of a debtor of an eligible financial institution under surveillance,” he said.
The AMCON bill will let federal government and ministries get a list of stubborn debtors and also get access to computer access of debtors with the aim of tracing their funds.
Another part of the statement read: “…obtain access to any computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor.”
The move is in furtherance of the commitment of the federal government's plan to reposition the Nigerian economy and to enhance the contributions of the agricultural sector to its overall earnings.
It was gathered that the Agricultural Credit Guarantee Scheme Fund (Amendment) Bill, 2019 was sponsored by Senator Andy Uba, who represented Anambra south senatorial district in the 8th National Assembly.

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