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AMCON recovers N 600 billion Bad Loans, to Commence Sales of Nationalized Banks

By on February 15, 2012

The Asset Management Corporation of Nigeria (AMCON) revealed yesterday that it has recovered N 600 billion of the non-performing loans (NPLs) it bought from banks last year.

This amount represents 19% of the N 3.14 trillion it spent on purchasing non-performing loans from the banks.

Speaking to journalists at the end of the Bankers’ Committee meeting in Lagos yesterday, Mr. Chike-Obi stated that AMCON targeted to recover N 1 trillion by the end of 2012.

He said, “We are recovering the debts at a faster rate than expected. We have recovered about N100bn so far this year in addition to the N500bn recovered before. Our target is to recover N1tn this year, we still have N2tn outstanding.”

Mr. Chike-Obi also stated that the process of selling nationalized banks, MainStreet, Keystone and Enterprise Bank will commence this month.

He said, “We are going to put out adverts for advisers, who will advise us on how to sell the nationalized banks. We will let the process be transparent and run its course, but it may take about 12 to 18 months.

“It is a level playing field, everybody (both local and foreign investors) will have a chance to invest, but the CBN will have to approve the investors. There has been a lot of interest already, but we will let everybody have a fair chance.”