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)