AMCON N3.8 trillion Bond matures 2023

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The Asset Management Corporation of Nigeria (AMCON) Notes worth N3.8 trillion will mature in 2023, a report by the Central Bank of Nigeria (CBN) has shown.

According to the CBN’s Annul Activity Report released yesterday, the AMCON Bond was issued in December 2014 at six per cent interest rate and have remained outstanding at end-December 2018, same as in 2017.

The bonds which were taken up solely by the CBN, were issued in a restructuring exercise, and will mature in 2023.

Meanwhile, AMCON recently hinted on the corporation’s plan to disengage Asset Management Partners (AMPs) that are not effective in recovering N740 billion debts assigned to them.

The AMPs are currently handling over 6,000 accounts within AMCON portfolio but outsourced to them.

The accounts outsourced to AMPs constitute only 20 per cent or N740 billion of the total Eligible Bank Assets (EBA) portfolio of N3.7 trillion.

AMCON Managing Director, Ahmed Kuru said the corporation places equal importance on the recovery efforts as they count towards the achievement of the corporation’s core mandate.

He also promised the corporation may assign more accounts to AMPs that have shown aggression and zeal based on the review of the AMP scheme so far.

Kuru spoke at the 2019 edition of the AMCON/AMPs Interactive/Feedback Session in Abuja.

AMPs, are consortiums appointed by AMCON after a rigorous selection process with specialist skills required to ensure recovery and debt resolution; banking, legal, valuation and accounting.

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