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  • Oil Gas Export Free Zone Passed
  • Asset Management Bill Passed

The bill for an act to amend the oil and gas export free zone authority act with a view to provide for the designation and establishment of oil and gas free zone in Nigeria has been passed into law.

This is just as the Bill for an act to amend the asset management corporation of Nigeria act, 2010 and for other related matters has also been passed into law.

In a resumed constitution having resolved into committee of the whole, the Senate approved clause 3 as recommended, 4 as amended, 5-10, deleted,12 as amended and 13 as recommended. The bill as amended shall act as one- stop shop for all government services for free zones and sub-zones, regulate activities and monitor the operations of free zones and sub-zones, enterprises as well as organization that provide services within and to the free zones and sub-zones; develop and monitor performance standards and indices relating to free zones and sub-zones and attract, facilitate and encourage the retention of investment leading to value addition, into free zones and sub-zones.

In passing the asset management corporation of Nigeria act 2010 (amendment) Bill 2015, the Senate approved clauses 1-36 as recommended.

The bill provides that subject to the provisions of the land use act and section 36 of the act, where the corporation acquires an eligible bank asset, such eligible bank assets shall become rested in the corporation and the corporation on shall exercise, all the rights and powers of the eligible financial institution from which the eligible bank asset was acquired in relation to the bank asset, the debtor concerned and any guarantor, surety or receiver, liquidator, examiner or any other person concerned and the eligible financial institution shall cease to have those rights.

The bill also provides in clause 5, that for the provisions of the limitation law of a state or the limitation Act of the Federal Capital Territory, with respect to any debt owed to the corporation by reason of its acquisition of an eligible bank asset, time shall begin to run, and the cause of action deemed to arise, from the date of the eligible bank asset and that where action has already been commenced by any eligible financial institution prior to acquisition of the eligible bank asset by the corporation, the corporation shall at any time after the acquisition of the eligible bank asset the subject of any such action be entitled to continue with the action in its name or a third party entitled to any judgment debt , but not any liability in respect of the claim or any associated counter claim or cross claim for which the assignor of the eligible bank asset shall be liable or discontinue any such pending action relating to the eligible bank asset instituted by the eligible financial institution prior to such acquisition; and such discontinued by the corporation shall be without prejudice to its right to commence or the cause to be commenced a new action in respect of the same subject matter s that discontinue. In amending section 48 of the Act it approved that for the avoidance of doubt, the power of a receiver acting in pursuance of the provision shall be exercisable over all the assets and entire undertaking of the debtor company not withstanding that only a part of the assets of debtor company was charged, mortgaged or pledged as security in relation of the eligible bank asset acquired by the corporation, provide that such exercise of power shall be without prejudice to the existing rights of secured creditors or third parties in such assets while a receiver under this section approved to manage the affairs of a debtor company or debtor entity, shall forth with upon the publication of the notice referred to in subsection (4) become entitled to take over the management of the affairs of the debtor company or debtor entity in the name, and on behalf of the debtor entity, for the benefit of the debtor company or debtor entity, the general body of creditors of the debtor company or debtor entity for the period specified in the said notice.

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