AMCON Rakes In N108bn Profit In 2023

Despite challenging macroeconomic conditions coupled with economic headwinds, Asset Management Corporation of Nigeria (AMCON) said it achieved a triple-digit growth of 212 per cent in its profit from N34.730 billion in 2022 to N108.433 billion in 2023.

AMCON in a statement disclosed that fair valuation gains on Eligible Bank Assets (EBAs) increased to N40.9 billion in 2023 from a loss of N187.9 billion in 2022. Equity portfolio recorded 82 per cent growth in 2023 amounting to N43 billion as compared with N7.9 billion in 2022.

It noted that the significant trading gains is as result of an improved performance in the stock market. Also, the Corporation achieved a reduction in total liabilities, from N6.282 trillion in 2022 to N5.739 trillion in 2023, primarily due to repayments of the N500 billion Central Bank of Nigeria (CBN) loan.

The Corporation also achieved 89 per cent of its revenue budget in 2023 as the total recovery in 2023 stood at N125.2 billion. A breakdown of the recovery showed that AMCON achieved N81.65 billion in collections from various obligors, N17.8 billion from share sales, N15.5billion reinvestment income, N6 billion as proceed from sale of properties, N3.8 billion dividend income and N0.5 billion from rental income despite the country’s challenging economic environment, occasioned by the removal of subsidy and floatation of the naira.

A statement by the head Corporate Communications of AMCON, Jude Nwauzor, noted that the The executive management of the Corporation led by its Managing Director and Chief Executive Mr Gbenga Alade is strategically positioned to continue with the positive trajectory achieved in the year 2023, with special emphasis on improved recoveries and efficient realization of value from disposal of forfeited assets in furtherance of the Corporation’s mandate.