 And, despite stiff opposition from some lawmakers, a bill seeking to amend the Asset Management Corporation of Nigeria-Amkan Act has passed third reading on the floor of the Senate in a controversial manner. The bill was passed into law on Wednesday after the chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions presented the report in plenary. Chairman of the committee, Sen. Obasani, in his presentation, said the committee engaged with stakeholders such as Amkan, Federal Ministry of Finance, Budget and National Planning, Central Bank of Nigeria and Nigeria Deposit Insurance Corporation, NDIC. According to the lawmaker, the stakeholders in their submissions pushed for Amkan to be empowered to take possession, manage or close a cell, transfer a sign or otherwise of property used as security for eligible bank assets, among others, adding that the amendment will provide for a quicker, easier and legitimate process of asset disposal. Properties belong to the debtor. They are moving beyond the collateral security itself and going after assets other than collateral security. As I understand it, I think the collateral by itself must have been determined by whatever bank that gave the loan at the time, has been enough to secure whatever loan was granted. And the essence of collateral is that in the event of default, you lose that asset, which is collateral. But what I'm reading here is that in addition to seizing that asset, they want to go beyond that to every other asset or property that is traceable to the debtor. I think a little clarification with that. So the essence of introducing this is to be able to say if you took a loan and you refuse to perform on this loan, Amkan should be able to attach any property that is traceable to you in overriding national interest. Well, Mr. Chairman, Mr. Chairman, Mr. Chairman, here is the point. We have an Amkan that has been able to buy, but that cannot buy. A bill for an act to amend the asset management cooperation of Nigeria Act No. 2 2019 to extend the tenor of the Resolution Cost Fund grant access to the special tribunal established by the banks and other financial institutions Act 2020 and to confer on it the powers to take possession, manage, foreclosure or sell, transfer, assign or otherwise of asset or property use as security for eligible bank assets, and for other matters, 2021 third reading taken and the bill is passed. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.