The Asset Management Corporation of Nigeria (AMCON) reported a remarkable 212% increase in profit for 2023, rising to N108.43 billion from N34.73 billion in the previous year. This substantial growth occurred despite challenging macroeconomic conditions, as noted in a statement by AMCON's Head of Corporate Communications, Jude Nwauzor.
Key highlights include:
- Fair valuation gains on Eligible Bank Assets surged to N40.9 billion in 2023, reversing a loss of N187.9 billion in 2022.
- The equity portfolio expanded by 82% to N43 billion from N7.9 billion.
- Total liabilities reduced from N6.282 trillion in 2022 to N5.739 trillion in 2023, mainly due to repayments of a N500 billion Central Bank of Nigeria loan.
- AMCON achieved 89% of its revenue budget, with total recoveries amounting to N125.2 billion.
Notable collections for the year included N81.65 billion from various obligors and N17.8 billion from share sales. AMCON, under the leadership of Gbenga Alade, aims to continue this positive trend by focusing on improved recoveries and efficient disposal of forfeited assets. Established in July 2010, AMCON aims to stabilize the financial system by resolving banks' non-performing loan assets.
Key highlights include:
- Fair valuation gains on Eligible Bank Assets surged to N40.9 billion in 2023, reversing a loss of N187.9 billion in 2022.
- The equity portfolio expanded by 82% to N43 billion from N7.9 billion.
- Total liabilities reduced from N6.282 trillion in 2022 to N5.739 trillion in 2023, mainly due to repayments of a N500 billion Central Bank of Nigeria loan.
- AMCON achieved 89% of its revenue budget, with total recoveries amounting to N125.2 billion.
Notable collections for the year included N81.65 billion from various obligors and N17.8 billion from share sales. AMCON, under the leadership of Gbenga Alade, aims to continue this positive trend by focusing on improved recoveries and efficient disposal of forfeited assets. Established in July 2010, AMCON aims to stabilize the financial system by resolving banks' non-performing loan assets.