AMCON liabilities hit N5.7tn – CBN report

Asset Management Corporation of Nigeria’s liabilities stood at N5.72tn as of the end of the first half of 2022.

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

It stated that, “The carrying value of AMCON’s liabilities stood at N5.72tn at end-June 2022. Of this amount, AMCON notes, with an outstanding balance of N3.86tn, and the loan (Debenture) of N500bn accounted for 76.27 per cent of the liabilities. The notes are due to mature on December 27, 2023 and the N500bn 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 the Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, 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 important and pivotal role in helping to stabilise the economy.

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