The Chairman, House Committee on Banking and Finance, Jones Onyereri, has said that the controversial amendment to the Asset Management Corporation of Nigeria (AMCON) act is necessary so as to avoid issues in the future.
At a public hearing organised by the Committee on Banking and Currency there were proposals which sought to amned parts of the AMCON act which the Securities and Exchange Commission opposes.
The amendment is aimed at strengthening AMCON as an institution to be able to carry out its functions efficiently. However, the Security and Exchange Commission opposed section 60(c) of the proposed amendment which seeks to exempt AMCON from complying with the provisions of the Investment and Securities Act 2007.
Speaking on Channels Television’s Business Morning, Mr Onyereri explained that the decision to amend the act was based on a need to codify the existing agreement between the parties involved. “It has become necessary having studied the coalition model.
Mr Onyereri added that “we have seen the need to have a legal framework to back up the agreement” so there would no issues in the future.
