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About: Asset Management Corporation of Nigeria     Goto   Sponge   NotDistinct   Permalink

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Type: Thingschema:Organizationdul:Agentdul:SocialPersonagentwikidata:Q24229398Government agencyOrganizationgovernment agencyorganisation New Facet based on Instances of this Class

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 .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 ₦4.02trillion at a price of ₦1.76trillion with a commensurate issue of Zero Bond for the NPL acquired.