Search results
July 19, 2010
- In order to curtail the negative economic effects of non-performing loans in the Nigerian banking sector, the Federal Government of Nigeria through the operation of the Central Bank of Nigeria (the ‘’CBN’’), established the Asset Management Corporation of Nigeria (the ‘’Corporation’’) on July 19, 2010, when the then President, Goodluck Jonathan, signed the AMCON Act No.4, 2010 into law.
threshold-attorneys.com/amcon-amendment-act-2021-key-changes-introduced-by-the-act/AMCON Amendment Act, 2021: Key Changes Introduced By The Act
People also ask
What does AMCON stand for?
What is the purpose of AMCON Corporation?
Which banks were unable to meet up with AMCON?
Official Website. Asset Management Corporation of Nigeria (AMCON) is a body established by the Act of the National Assembly of Nigeria in July 2010 with an intended 10 years lifespan.
Jan 17, 2022 · The AMCON Act of 2010 was subsequently amended in 2015 and 2019. On November 18, 2021, the President of the Federal Republic of Nigeria signed the new AMCON Amendment Act into law in other to strengthen the Corporation’s powers to recover bad loans acquired from commercial banks.
Jul 8, 2021 · The Asset Management Corporation of Nigeria ("AMCON") was established in Year 2010 by virtue of the Asset Management Corporation of Nigeria (AMCON) Act, 2010 (the "Act") 1 with a view to ensuring stability in the banking and finance sector. The Act empowered AMCON to purchase toxic assets or non-performing loans ("NPLs") from Nigerian banks so ...
Nov 23, 2023 · Hence, the birth of the Asset Management Corporation of Nigeria (AMCON), was established by the Act of the National Assembly of Nigeria in July 2010, with an intended 10-year lifespan. The objective was to detoxify the banking system through the purchase of bad assets, non-performing loans, and liquidity injection into troubled banks.
Feb 10, 2023 · The Asset Management Corporation of Nigeria (AMCON) was established by an Act of the National Assembly on July 19th, 2010, primarily to resolve the nation’s banking sector crisis and restore stability to its economy.
The Corporation may acquire, hold and dispose of movable and immovable property for the purpose of its functions and objects. Section 1 (4) provides for the independence of the Corporation in the discharge of its duties. Download AMCON Act 2019. (01) 2773210. (09) 2780300. Contact Us Today!
Mar 17, 2020 · Asset Management Corporation of Nigeria (AMCON) was established on the 19th July 2010, when the President of the Federal Republic of Nigeria signed the AMCON Act No. 4, 2010 into Law on the same day. The AMCON Act was also amended in 2015 and known as the AMCON Amendment Act, 2015 precisely on 25th May 2015.
