Asset Management Corporation of Nigeria
AMCON
About
The Asset Management Corporation of Nigeria (AMCON) is a federal agency established by an Act of the National Assembly of Nigeria, with an intended lifespan of 10 years. It was modelled on the National Asset Management Agency of the Republic of Ireland and Malaysia's Pengurusan Danaharta. AMCON acts as a buyer of banks for the Nigerian Government by acquiring non-performing loans. The original book value of the loans it acquired was N4.02 trillion, bought at a price of N1.76 trillion, with a matching issue of Zero Bonds.
History
The body was conceptualised by the federal government through the Central Bank of Nigeria in response to the 2008 financial crisis. At its establishment it identified 10 banks with crisis-hit assets and injected N736 billion of liquidity to buy up their assets. Three of these banks could not recover and were acquired by AMCON and designated as Bridged Banks: Mainstreet Bank, Keystone Bank and Enterprise Bank. In 2013 the International Monetary Fund advised the federal government to stop AMCON's operations to avoid future financial challenges. The founding Managing Director was later dismissed by President Muhammadu Buhari, as the presidency believed sales of acquired banks lacked transparency.
Key Facts
Established
11 July 2011
Headquarters
Plot 417 Tigris Crescent, Maitama, FCT, Abuja
Chief Executive Officer
Edward Lametek Adamu
Members
437
Jurisdiction
Federal Republic of Nigeria
Abbreviation
AMCON
Website
amcon.com.ng