Asset Management Corporation of Nigeria (AMCON) was established on the 19th July 2010, when the President of the Federal Republic of Nigeria signed the AMCON Act into Law.
AMCON Acquire Eligible Bank Assets (EBAs) from Eligible Financial Institutions (EFIs) at a fair value and put these assets to economic use in a profitable manner. AMCON’s acquisition will help Eligible Financial Institutions ( EFIs):
AMCON was created to be a key stabilizing and re-vitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.
Functions Of AMCON
To positively assist the economy of Nigeria by;
- Complementing the recapitalization of affected Nigerian banks;
- Providing an opportunity for banks to sell off Non Performing Loans(NPLs);
- Freeing up valuable resources and enabling banks focus on their core activities.
- To get banks lending again.
To be a key stabilizing and re-vitalizing tool in the Nigerian economy.
Core Values Of AMCON
Core Values represent those central beliefs which guide the internal workings of the corporation namely:
Some Key Achievement Of AMCON
Loans Purchased From Various Eligible Financial Institutions (EFIs)
AMCON has acquired the Eligible Bank Assets (EBAs) or Non-performing Loans (NPLs) of various Eligible Financial Institutions (EFIs) in three different phases/ tranches. The top 5 EFIs represent 58.18% of all purchased EBAs. The table below summarizes the corporation’s position by institution:
|Eligible Financial Institutions||Number of Loans||Percentage of AMCON Portfolios|
|Main Street Bank||503||11.40%|
TOP 5 SECTORS OF ALL PURCHASED EBAs
Table 2 shows a breakdown of the top five sectors in which the EBAs originate from. They represent 75.35% off all EBAs purchased.
|Sector||Percentage of AMCON Portfolio|
|Oil and Gas||27.23%|
|Finance and Insurance||5.47%|
AMCON Offices In Nigeria And Other Contacts
3rd Floor, Murjanatu House,
67, Marina Street,
For Whistle Blowing :
Email address: email@example.com