Section 50: Concurrence of Corporation as condition for participation of debtors, in government contracts. etc. (amended by Section 17 of the Asset Management Corporation of Nigeria Amendment Act, No. 2, 2019)

(1) Notwithstanding any rule or contractual obligation as to confidentiality, the Corporation may Publish, in the national daily or newspaper, a list of debtors that have failed to meet their debt or other repayment obligation to the Corporation in connection with any eligible bank asset acquired by the Corporation.
(2) The Corporation shall furnish a copy of the newspaper in which the list of debtors is published under subsection (1) to all procuring entities:
Provided that all procuring entities are deemed to have notice of the list once published in the newspaper and any failure on the part of the Corporation to furnish a copy of the newspaper to a procuring entity shall not relieve such procuring entity of its obligations under this section.
(3) No procuring entity shall award a contract to, or conduct business with, or make any payment under any existing contract or business arrangement to any debtor on the list published by the Corporation under subsection (1) without the prior written concurrence of the Corporation, and without satisfying itself of the compliance with any condition to which the concurrence of the Corporation is expressed to be subject by the Corporation.
(4) For the purposes sections 51, 52 and 53 of this Act, the term "debtor" or "debtor company", shall, as may be applicable, include:
(a) the borrower;
(b) all guarantors or sureties of the borrower;
(c) all directors and shareholders of the borrower;
(d) all directors and shareholders of any corporate entity guarantor or surety of the borrower; and
(e) all companies and entities, 50% or more of whose share capital is owned or controlled jointly or otherwise by one of more of the of the persons listed in paragraphs (a) – (d)”.