The Central Bank of Nigeria (CBN) on Tuesday released the financial stability report which disclosed that the Asset Management Corporation of Nigeria (AMCON)’s net carrying value of outstanding liabilities stood at N4.5 trillion as at June 30, 2017.
The reports further said AMCON carrying value of its assets net of impairment increased from N624.00 billion at end-December 2016 to N808.48 billion at end-June 2017.
CBN noted in the report that the liabilities of AMCON were projected to be recovered through the Banking Sector Resolution Cost Trust Fund (BSRCTF), credit recoveries and assets sales by AMCON.
Nevertheless, according to the report, the BSRCTF had realized total collections of N190.89 billion in the first half of 2017 towards the redemption of AMCON bonds.
The Asset Management Corporation of Nigeria (AMCON) was created to be a key stabilizing and re-vitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.