President Muhammadu Buhari has signed Climate Change and Asset Management Corporation of Nigeria (Amendment) bills passed by the National Assembly into law.
The Climate Change bill, sponsored by a member of the House of Representatives, Sam Onuigbo, provides for the mainstreaming of climate change actions and the establishment of a National Council on Climate Change.
The bill also paves the way for environmental and economic accounting and a push for a net-zero emission deadline plan in the country.
The Asset Management Corporation of Nigeria (Amendment) Act, on the other hand, amends the AMCON Act No.4, 2010.
It 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.’’
The act will assist AMCON to make recoveries and for debtors to fulfil their commitments to banks.