• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, May 31, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

AMCON Recovers N1.8trn, Targets Over N70bn Profit

by Mark Itsibor and BUKOLA ARO-LAMBO
1 year ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

The Asset Management Corporation of Nigeria (AMCON) said, it has so far recovered over N1.8 trillion even as it expects to record over N70 billion in profit at the end of the 2023 financial year.

Advertisement

Managing director and chief executive of the Corporation, Mr Ahmed Lawan Kuru speaking at the first interactive session with members of the 10th Senate Committee on Banking, Insurance and Other Financial Institutions, noted that, the corporation has remained a profit-making organisation aside from delivering on the recovery mandate for which it was created by the federal government ab-initio. The committee is chaired by Senator Mukhail Adetokunbo Abiru.

The AMCON boss while providing an overview of the corporation’s activities, covering enforcement, asset management, and funding model said that even though AMCON was created as a bad bank with various challenges beyond its control, the corporation has remained a profit-making organisation aside from delivering on the recovery mandate for which it was created by the federal government ab-initio.
AMCON made a profit of N23.97 billion in 2020, which increased to N34.65 billion in 2021. In the year 2022, the corporation said it made N58.59 billion profit.
The loss captured in the management account as of 30th September 2023 was attributed to interest accrual on the Central Bank of Nigeria (CBN) loan note that had been charged as an expense to its profit and loss account while the corresponding credit, the receipts for external recoveries, which is estimated to be about N359 billion was yet to be recognised and captured in the Corporation’s balance as at that time.

“This is usually recorded in the last month of the financial year, December, before closing the books. Consequently, the Corporation is projected to close with over N70 billion in profits by December 2023 once the receipts from the sinking fund are reflected in its Profit or Loss Account accordingly,” he said in a statement that was issued by the corporation.

The CBN had conducted a special examination of 24 banks as a result of which critical intervention was required at that time. It was after that exercise that the AMCON Bill passed in June 2010 was signed into law on July 19, 2010.

RELATED

Anietie Udoh Calls For Ethical Storytelling In African Brand Campaigns

Anietie Udoh Calls For Ethical Storytelling In African Brand Campaigns

4 hours ago
Dania, Alpha-Geek Shine At ABoICT 2025, MVP Awards

Dania, Alpha-Geek Shine At ABoICT 2025, MVP Awards

4 hours ago

Since its enactment in 2010, the National Assembly has amended the AMCON Act thrice – in May 2015, July 2019, and November 2021 respectively to strengthen the powers of the Corporation to deliver on its tough mandate of debt recovery.

AMCON purchased 12,743 NPLs or EBAs worth N3.797 trillion from 22 Eligible Financial Institutions (EFIs) for a purchase price of N1.8 trillion. The purchases are covered by various collaterals. The corporation also injected a total sum of N2.2 trillion to 10 banks – bridged and owned banks (intervened banks) – bringing net book value to zero. AMCON capitalised three EFIs and provided financial accommodation to five.

Explaining the funding model of the corporation, which confuses most people, Kuru stated that “AMCON’s intervention activity was funded by debt obligation of N4.65 trillion (as of 31st December 2018), which is to be repaid, from internal and external sources to the CBN by 2024. It is worth knowing that, at conception, it was envisaged that AMCON being a loss minimization entity would repay 30 percent of the obligation, whilst the balance is expected from external recovery sources as provided in the AMCON Act.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

Breaking NEWS: Nigerians can now earn in US Dollars, acquire ultra premium domains for low and sell for super profit. Our client acquired a domain for $3715 and got it sold for $42,000. Click here to see how you too can profit from the business.


SendShareTweetShare
Previous Post

We Are Transforming Nigeria with National Assembly’s Support — Tinubu  

Next Post

Nigeria’s Non-oil Exports

Mark Itsibor and BUKOLA ARO-LAMBO

Mark Itsibor and BUKOLA ARO-LAMBO

You May Like

Anietie Udoh Calls For Ethical Storytelling In African Brand Campaigns
Business

Anietie Udoh Calls For Ethical Storytelling In African Brand Campaigns

2025/05/31
Dania, Alpha-Geek Shine At ABoICT 2025, MVP Awards
Business

Dania, Alpha-Geek Shine At ABoICT 2025, MVP Awards

2025/05/31
Blue Sands STEM Lab, Others Take Top Prizes At MarkHack 4.0
Business

Blue Sands STEM Lab, Others Take Top Prizes At MarkHack 4.0

2025/05/31
NNPC Wins The Whistlers’ Transparency, Innovation Award
Business

Farmers Laud NNPC Foundation For Climate-smart Training

2025/05/31
tinubu
Feature

MIDTERM REPORT: Economy Progresses In Policies, Challenged In Implementation

2025/05/31
Otakikpo Onshore Terminal: Stakeholders See Crude Production Cost Dropping To $10/b
Business

Otakikpo Onshore Terminal: Stakeholders See Crude Production Cost Dropping To $10/b

2025/05/31
Leadership Conference advertisement

LATEST

BREAKING: PSG Make History, Thrash Inter Milan 5-0 To Clinch UEFA Champions League Title

Moody’s Upgrade Proof Of Credible Reforms, Investor Confidence — Tinubu

Tinubu Gov’t Weaponising Poverty Against Nigerians – Atiku 

‘Why I Refused To Vote Or Work For Tinubu’, Amaechi Opens Up At 60th Birthday Lecture

FCTA Denounces ‘Malicious Voice Note’ Alleging Religious Indoctrination In Abuja Schools

Kano Gov’t Offers ₦1m Support To Each Family Of Deceased Athletes

‘It Doesn’t Reflect Equity’, Group Berates Tinubu, NASS Over SWDC Leadership

Nwuche Hails Tinubu, Wike For Transformational Projects Across FCT

Niger East Senator Donates ₦50m, Truckloads Of Food To Mokwa Flood Victims

Anietie Udoh Calls For Ethical Storytelling In African Brand Campaigns

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.