By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE) – The Asset Management Corporation of Nigeria (AMCON) Tuesday said it will reduce its debt to N3.8 trillion by August 2014.
According to Bloomberg, Kayode Lambo, spokesman for the Nigeria’s asset management corporation said its set to repay N800 billion worth of bonds due August this year.
With the repayment of the N800 billion, the asset management agency’s debt will remain N3.8 trillion after it had earlier in 2013 redeemed a debt of N1.0 trillion.
AMCON was established in 2010 to for the purpose of efficiently resolving the non-performing loan assets of banks in Nigeria
The corporation in 2011 spent about N5.6 trillion to acquire non-performing loans and took over three (3) of the eight (8) banks it rescued with a N620 billion bailout.
Mustafa Chike-Obi, managing director (MD) of AMCON had said that Mainstreet Bank Limited and Enterprise Bank Limited two (2) of the banks it took over will be acquired by new owners by September 15, 2014.
“AMCON does not see the possibility of buying new non-performing loans till it winds up by 2022 as the banks are now stronger,” Bloomberg quoted Chike-Obi.
