April 12, 2024
FG Moves To Wind Down AMCON
News Today In the News

FG Moves To Wind Down AMCON

The finance minister and Coordinating Minister of the Economy, Wale Edun says the federal government is working towards ensuring that the Asset Management Corporation of Nigeria (AMCON) winds down as soon as possible. But the ability of the bad bank to finally close shop after nearly thirteen years of operation would depend on its ability to offset its huge liabilities put at well over N3 trillion.

Established by the Act of the National Assembly of Nigeria in July 2010,
With an intended 10 years lifespan, AMCON has till date, recovered just about N1.6 trillion out of its N4.664 trillion accumulated liabilities in well over ten years of existence.

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The managing director, AMCON Ahmed Kuru, confirmed recently that the corporation still has a long way to go out of the total of N4.664 trillion liability burden in terms of cash and sale of assets. 

According to him, about 350 obligors account for N3.957 trillion, which is above 84 per cent of the total outstanding amount.

    • 7 months ago

    […] READ ALSO: FG Moves To Wind Down AMCON […]

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