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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
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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.
Jan 9, 2022 · Unini Chioma. - January 9, 2022. By Chuma Uwechia. Before the National Assembly enacted the AMCON Amendment Act 2019 (“AMCON Act”), some legislators warned about the seeming constitutional challenges in the bill. And they are right because the Act abridged and deprived individuals of their civil liberties.
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 ...
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. The concept is in consonance with the operation of the National Asset Management Agency of the Republic of Ireland and Malaysia Pengurusan Danaharta. [1] .
Apr 1, 2022 · The Asset Management Corporation of Nigeria (Amendment) Act, 2021 contains 6 sections and was signed into law on the 12th of November, 2021 by the President of Nigeria, His Excellency Mohammadu Buhari, GCFR. Click to download the Asset Management Corporation of Nigeria (Amendment) Act, 2021.
On 12 November 2021, a bill to amend the Asset Management Corporation of Nigeria (AMCON) Act, 2019, became law. The Act contains a new Section 34 (1) (b) which provides that notwithstanding that a debtor has provided security for its indebtedness, where such security is insufficient, AMCON is empowered to acquire legal title over other ...
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!
