Asset Management Corporation of Nigeria

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)

[1] 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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