The Asset Management Company of Nigeria, AMCON, has renewed it fight to recover all toxic debt it bought from banks in the wake of the banking crisis of 2008.
For many people, AMCON’s operations is not really noticeable because it is basically dealing with corporate organisations and with all the legal implications of debt recovery, bankruptcy and receivership, the agency might need to keep quiet while doing its job.
For the purpose of PageOne readers, we are publishing AMCON’s Debt Portfolio as provided by the agency:
AMCON has acquired the Eligible Bank Assets (EBAs) or Non-performing Loans (NPLs) of various Eligible Financial Institutions (EFIs) in three different phases/ tranches. The top 5 EFIs represent 58.18% of all purchased EBAs.
The table below summarises the corporation’s position by institution:
|Eligible Financial Institutions||Number of Loans||Percentage of AMCON Portfolios|
|Main Street Bank||503||11.40%|
Top 5 Sectors of All Purchased EBAs
Table 2 shows a breakdown of the top five sectors in which the EBAs originate from. They represent 75.35% off all EBAs purchased.
|Sector||Percentage of AMCON Portfolio|
|Oil and Gas||27.23%|
|Finance and Insurance||5.47%|
Sectorial Distribution of EBAs
The Loan Management Team classifies loans based on their size; Small (N100m and below), Medium (Between N100m and N1b), Large (Between N1b and N10b and Strategic (Over N10b). The Loan distribution Table shows that Strategic Loans make up the greatest percentage (40%) of AMCON’s portfolio.
|Loan Distribution||Percentage of AMCON Portfolio||Number of Loan|
|Between N1b and N10b||37%||431|
|Between N100m and N1b||16%||1,998|
|Between N100m and below||7%||10,046|
The table below represents AMCON’s Asset Classification of the underlying assets used to secure loans bought from EFIs.
|Asset Classification||Percentage of AMCON Portfolio||Number of Loans|
|Combination of Assets||13%||103|
|Shares & Mortgage||4%||20|
The content on this site, including news, quotes, data and other information, is sourced by PageOne from official and public sources and other third party content providers for your personal information only, and is not intended for trading purposes. Content on this site is not appropriate for the purposes of making a decision to carry out a transaction or trade. Nor does it provide any form of advice (investment, tax, legal) amounting to investment advice, or make any recommendations regarding particular financial instruments, investments or products.