Amcon Inc: Functions Of Asset Management Corporation Of Nigeria And Their Branches

Amcon Inc

Asset Management Corporation of Nigeria (AMCON) was established through the AMCON Act on the 19th of July, 2010 after President Goodluck Jonathan signed it into law.

AMCON focuses at reviving, re-vitalizing and stabilizing the financial system by effectively resolving the non-performing loan assets of the bank in the Nigerian economy.

Functions of AMCON

Below are the following functions of AMCON

  1. To positively impact the economy of Nigeria by complementing the recapitalization of affected Nigerian banks
  2. To improve the economy by providing opportunities for banks to sell off Non performing Loans (NPLs).
  3. Enabling banks to focus on their activities and freeing up valuable resources.
  4. Propelling the lending ideology in banks once more.

Core Values of AMCON

AMCON’s Core Values represent its central beliefs by which the corporation operates, they are namely:

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

Some Key Achievements of AMCON

Over the years AMCON has acquired the Non-performing Loans (NPLs) of various Eligible Financial Institutions (EFIs) in three different phases/tranches. The table below lists the Eligible Financial Institutions, number of loans and percentage of AMCON portfolios.

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

The table below shows a breakdown of the top five sectors in which the EBAs originate from. They represent 75.35% off all EBAs Or NPLs 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 Branches in Nigerian and Contacts

Head Office:

No, 417, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja, Nigeria

Call: 09-2780300

Lagos Office:

67, Marina Street, Lagos Island, Lagos, Nigeria

Tel: 01-2773100-299, 09-2780300

For Whistle Blowing:

Email: whistleblowing@amcon.com.ng

Phone Numbers: +234-01-2773105

For 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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