AMCON To Lease Out Seized Property


The Asset Management Company of Nigeria, AMCON said it will lease out most the assets it has seized from chronic debtors.

The corporation plans to set up a real estate investment scheme towards the end of the year. AMCON was created to absorb all the bad loans from distressed banks in 2009 at a discount, then intensify efforts to recover funds.

AMCON said it is not interested in bailing out any other bank. It will be concentrating on repaying the NGN5.2 trillion (approximately USD16.5 billion) of outstanding bonds over the next nine years, he said. AMCON had purchased over 14,000 bad loans at a cost of NGN3.9 trillion in a government-led bailout of 10 companies following the 2009 banking crisis.

The agency also said it is in the ‘final stage’ of concluding the sale of Keystone Bank.

It would be recalled that Sterling Bank backed out of the acquisition. AMCON’s Chief Executive Officer Ahmed Kuru said: “Our activity here is directly linked to the economy The combination of the economy picking up for the banks and also for the obligors”


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