AMCON Made World’s Largest Loan Recovery In December – Chike-Obi

Amcon MD

The Asset Management Corporation of Nigerian (AMCON) disclosed how it had redeemed N1.7 trillion loan in December 2013, an amount described by the corporation as the largest loan redemption so far in world history.

Making this disclosure at a one-day public hearing on AMCON Amendment Bill 2013 organised by Senate Committee on Banking, Monday, Managing Director, Mr. Mustapha Chike-Obi, also revealed that the corporation paid N1 trillion debt in December, last year and recovered 50 per cent of loans being owed.

Mustapha Chike-Obi
Mustapha Chike-Obi

Established on the 19th July 2010 after President Jonathan signed the AMCON bill into the law, the corporation was set up to be a key stabilizing and re-vitalizing tool to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy

Tags from the story
AMCON, debt, Economy, loans, nigeria

Leave a Reply

Your email address will not be published. Required fields are marked *