January 27, 2023
AMCON Surcharges N147.65bn From Access Bank, Union Bank, 7 Others
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AMCON Surcharges N147.65bn From Access Bank, Union Bank, 7 Others

Nine Nigerian commercial banks were surcharged a combined N147.65 billion by the Federal Government’s Asset Management Corporation of Nigeria (AMCON).

The debt-recovery agency took possession of the funds for the periods between the first and third quarters of 2022, which fall between January to September.

According to financials of 13 commercial banks reviewed by Ripples Nigeria, the surcharge dropped to N147.65 billion as of September 2022, when compared to the N163.14 billion listed as AMCON levy in September 2021.

This publication understands the AMCON surcharge between January to September 2022 could be more, as three lenders didn’t clearly state it in their financials, while Zenith Bank had not remitted any amount during the period in review last year.

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The AMCON levy represents each bank’s contribution to a fund established by the Asset Management Corporation of Nigeria (AMCON) Act. Effective 1 January 2013, each bank is required to contribute an equivalent of 0.5 per cent of its total assets plus 0.5 per cent of all contingent assets as at the preceding year end to AMCON’s sinking fund in line with existing guidelines.

Access Bank’s AMCON levy increased, as the firm paid N52.73 billion for the review period in 2022, above the N41.50 billion paid as at the end of third quarter 2021.

Zenith Bank, which paid N43.64 billion between January to September 2021, the highest amongst its peers, was yet to make any payment as of September 2022.

GTCO’s AMCON levy was N23.28 billion in 2022 (N21.88 billion in 2021), Fidelity Bank N18.27 billion (N11.50 billion in 2021), and Stanbic IBTC N14.60 billion (N12.92 billion in 2021).

The debt-recovery agency received N12.84 billion in 2022 (N10.89 billion in 2021) from FCMB and N10.75 billion in 2022 (N8.66 billion in 2021) from Union Bank.

Sterling Bank paid N6.87 billion levy in 2022 (N5.54 billion in 2021) to AMCON, Wema Bank was charged N4.83 billion in 2022 (N3.91 billion in 2021), and Unity Bank’s levy was put at N3.44 billion in 2022 (N2.66 billion in 2021).

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