Nigerian President, Buhari Okays Climate Change Bill Into Law

President Muhammadu Buhari has approved into law two important bills passed by the National Assembly thereby making them to become part of the Laws of the Federation.

The Climate Change Act owes its origin to a bill sponsored by a member of the House of Representatives, Sam Onuigbo and provides for, among other things, the mainstreaming of climate change actions and the establishment of a National Council on Climate Change.

It 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 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.’’

This, in effect, will help AMCON make recoveries and for debtors to fulfil their commitments to banks