AMCON: Asset Management Corporation of Nigeria Branches And Functions



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.

Vision

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:

  • Professionalism
  • Loyalty
  • Integrity
  • Fairness/Equity
  • Excellence

 

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
Intercontinental Bank 1,735 14.62%
Oceanic Bank 783 11.58%
Union Bank 393 11.43%
Main Street Bank 503 11.40%
Keystone Bank 740 9.15%
UBA 3,326 5.80%
First Bank 289 5.21%
Finbank 782 4.04%
Enterprise Bank 1,062 3.59%
FCMB 575 2.94%
Skye Bank 158 2.62%
Zenith Bank 18 2.42%
Unity Bank 937 2.28%
GTB 88 2.25%
Diamond Bank 83 2.13%
Ecobank 155 2.07%
Fidelity Bank 271 1.75%
Access Bank 43 1.63%
Sterling Bank 176 1.22%
Wema Bank 237 1.13%
ETB 171 0.59%
Stanbic IBTC 12 0.13%
Total 12,537 100%

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%
General Commerce 18.49%
Capital Market 17.93%
Manufacturing 6.24%
Finance and Insurance 5.47%

 

AMCON Offices In Nigeria And Other Contacts

Head Office:

3rd Floor, Murjanatu House,
1, Zambezi Crescent,
Off Aguiyi Ironsi Street,
Maitama – Abuja.

Tel: 09-2780300

Lagos Office:

67, Marina Street,
Lagos Island,
Lagos, Nigeria
Tel: 01-2773100-299

For Whistle Blowing :

Email address: whistleblowing@amcon.com.ng
Phone Numbers: +234-01-2773105

 

Customer Complaints:



Email: customer.complaints@amcon.com.ng
Phone Numbers: +234-09-248 0300 (Ext. 5839, 5823) +234-01-277 3210 (Ext. 8616, 8710)

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