By Tordue Salem
The House of Representatives, Tuesday, passed into law, a Central Bank of Nigeria-sponsored bill seeking to establish an Assets Management Company, to hold assets of insolvent or failed banks.
A bill to keep a federal tab on land titles in the federation, however, suffered a resounding defeat in the House.
The CBN Bill, titled: “A Bill for An Act to Establish the Assets Management Corporation for the purpose of efficiently resolving the non-Performing Loan Assets of Banks in Nigeria,” awaits passage in the Senate.
It took the House of Representatives, only two minutes to pass the AMCON Bill, which has been with the National Assembly since last December.
Meanwhile, the House of Representatives also threw out an Executive Bill that sought to keep a meticulous record of all land titles in the country.
A majority of the lawmakers, while speaking against the bill, said it was not properly couched, as it sought to fleece the states and local tiers of government of the powers on land titles.
The opponents held that, the issue of lands was on the residual list (states, local governments) and not on the Legislative list, adding that the National Assembly, therefore, lacked the powers to legislate on it.