LAGOS, March 27 Nigeria's state-owned AMCON has
recovered 681.5 billion naira($2.2 bln) over the past six years
from debtors in the form of cash, properties and shares, it said
The Asset Management Corporation of Nigeria (AMCON) was set
up in 2010 to absorb banking sector-wide non-performing loans in
exchange for government bonds, after the central bank rescued
nine weak lenders from collapse in 2009.
But pressure has been building up again, with loan books -
nearly half of them in dollars - hammered by shrinkage in the
economy, a sinking currency and acute foreign exchange shortages
- all consequences of the slump in oil prices.
The "bad bank" said it has around 1.7 trillion naira ($5.6
bln) worth of assets under litigations.
In February AMCON took over the day-to-day running of Arik
Air in an attempt to rescue the country's largest airline, which
was placed in receivership after it failed to pay workers or
Last week it sold the nationalised Keystone Bank to a
consortium of local investors.
($1 = 306.00 naira)
(Reporting by Oludare Mayowa; writing by Chijioke Ohuocha;
editing by Mark Heinrich)