Friday, September 17, 2021

    AMCON lost N706.09bn in 2012 – CBN

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    Babatunde Akinsola
    Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

    Lamido-SanusiThe Central Bank of Nigeria (CBN) on Wednesday said that the Asset Management Corporation of Nigeria (AMCON) lost N706.09 billion as at end-December 2012.

    This was attributed mainly to the provisions the corporation made with respect to the impaired assets it acquired and discount on bonds issued to finance its operations.

    However, the losses were expected to be defrayed through recoveries from its assets, with additional cover provided by the banking sector resolution cost fund.

    The 2012 annual report of the CBN shows that major activities by AMCON during the review period included: injection of N82.79 billion and N13.2 billion bonds issues with a face value of N118.40 billion and N18.84 billion, respectively, into Mainstreet Bank and Enterprise Bank.

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