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
- To positively impact the economy of Nigeria by complementing the recapitalization of affected Nigerian banks
- To improve the economy by providing opportunities for banks to sell off Non performing Loans (NPLs).
- Enabling banks to focus on their activities and freeing up valuable resources.
- 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:
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|
|Main Street Bank||503||11.40%|
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%|
|Finance and Insurance||5.47%|
AMCON Branches in Nigerian and Contacts
No, 417, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja, Nigeria
67, Marina Street, Lagos Island, Lagos, Nigeria
Tel: 01-2773100-299, 09-2780300
For Whistle Blowing:
Phone Numbers: +234-01-2773105
For Customer Complaints:
Phone Numbers: +234-09-248 0300 (Ext. 5839, 5823) +234-01-277 3210 (Ext. 8616, 8710)