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  • Business - Companies
  • Updated: December 02, 2022

CBN Says AMCON Liabilities Hit N5.72 Trillion

As of the first half of 2022, the Asset Management Corporation of Nigeria’s (AMCON) liabilities stood at N5.72 trillion.

The Financial Markets Department of the Central Bank of Nigeria revealed this in its ‘Half-year activity report 2022’ released on Thursday.

It stated, “The carrying value of AMCON’s liabilities stood at N5.72 trillion in end-June 2022.

"Of this amount, AMCON notes, with an outstanding balance of N3.86 trillion, and the loan (Debenture) of N500 billion accounted for 76.27 per cent of the liabilities.

"The notes are due to mature on December 27, 2023, and the N500 billion loan is due for redemption on December 30, 2022.”

Recently, AMCON said in a statement that the Senate appealed for more support on its recovery drive

It stated that Senator Uba Sani, the Chairman Senate Committee on Banking, Insurance and other Financial Institutions, reiterated the willingness of the National Assembly to continually support the debt recovery efforts of Asset Management Corporation of Nigeria.

According to the statement, he said the support had become critical because AMCON remained a strategic national institution that played an important and pivotal role in helping to stabilise the economy.

"AMCON is saddled with the tough assignment of recovering nearly N5 trillon owed the country by debtors who for years now hide under all manners of technicalities to tie AMCON up in different courts to stall repayment,” it stated.

 

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