Asset Management Corporation of Nigeria Act, 2010 🇳🇬
Asset Management Corporation of Nigeria Act, 2010
Assented to on 19 June 2010
Commenced on 19 June 2010
[Up to date as at 19 June 2010]
An Act to establish the Asset Management Corporation of Nigeria for the purpose of efficiently resolving the non-performing loan assets of banks in Nigeria; and for related Matters.ENACTED by the National Assembly of the Federal Republic of Nigeria:
Part I – ESTABLISHMENT, ETC. OF THE ASSET MANAGEMENT CORPORATION OF NIGERIA
1. Establishment of the Corporation.
(1)There is established the Asset Management Corporation of Nigeria (in this Act referred to as "the Corporation"(2)The Corporation:(a)shall be a body corporate with a common seal, perpetual succession; and(b)may sue and be sued in its corporate name.(3)Subject to the limitations contained in this Act, the Corporation may acquire, hold and dispose of movable and immovable property for the purpose of its functions and objects.(4)Except as otherwise provided in this Act, the Corporation shall be independ…
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