Asset Management Corporation of Nigeria information
Asset Management Corporation of Nigeria
Agency overview
Formed
11 July 2011
Jurisdiction
Federal Republic of NigeriaPlot 417 Tigris Crescent. Maitama, FCT, Abuja.
Employees
437
Annual budget
₦150 billion estimated cost per annum
Agency executives
Edward Lametek Adamu, Chief Executive Officer
Gbenga Alade, Managing Director
Eberechukeu Uneze, Executive Director
Aminu Ismail, Executive Director
Key document
AMCON Act 2010
Website
Official Website
Asset Management Corporation of Nigeria (AMCON) is a body established by the Act of the National Assembly of Nigeria in July 2010 with an intended 10 years lifespan. The concept is in consonance with the operation of the National Asset Management Agency of the Republic of Ireland and Malaysia Pengurusan Danaharta.[1]
The body acted as the buyer of banks for the Nigerian Government by acquiring the non-performing loans (NPL). The original book value of the acquired NPLs was ₦4.02 trillion at a price of ₦1.76 trillion with a commensurate issue of Zero Bond for the NPL acquired.
^Makanjuola, Yomi (8 May 2015). Banking Reform in Nigeria:Aftermath of the 2009 Financial Crisis. Palgrave Macmillan. pp. 2–10. ISBN 9781137493545. Retrieved 3 December 2015. {{cite book}}: |work= ignored (help)
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