Asset Management Corporation of Nigeria (AMCON)

The Asset Management Corporation of Nigeria (AMCON) is established by the Asset Management Corporation of Nigeria (AMCON) Act.

The Corporation acquires Eligible Bank Assets (EBAs) from Eligible Financial Institutions (EFIs) at a fair value and put these assets to economic use in a profitable manner. AMCON’s acquisition will help Eligible Financial Institutions( EFIs) free up resources for more profitable activities and Improve capital position. Also, the AMCON will hold, manage, realise and dispose of eligible bank assets (including the collection of interest, principal and capital due and the taking over of collateral securing such assets) in accordance with the provisions of the AMCON Act.

Recent Posts in Asset Management Corporation of Nigeria (AMCON)

CBN revokes Skye Bank’s operating licence, renames it Polaris Bank

2018-09-22 4:56 AM | by Nigeria Compliancehub

The Central Bank of Nigeria on Friday revoked the operating licence of Skye Bank Plc. Governor of Central Bank, Godwin Emefiele, made the announcement at a press briefing in Lagos. He also said a bridge bank known as Polaris Bank had been created to assume the… Read more

PenCom releases N86.7bn to over 275,000 sacked workers

2018-09-18 11:19 AM | by Nigeria Compliancehub

The National Pension Commission said it had released N86.7 billion to sacked workers of various companies who participated in the Contributory Pension Scheme. Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, who disclosed this on Monday in Lagos, said the amount was for the settlement of 275,172 disengaged… Read more

Automation of the withholding tax system

2018-09-06 1:48 PM | by Nigeria Compliancehub

Federal Inland Revenue Service (FIRS) in its bid to extend the Integrated Tax Administration System (ITAS) initiative to all of its processes, recently indicated its intention to fully automate the withholding tax (WHT) system in Nigeria. Pursuant to this initiative, FIRS has started inviting taxpayers for reconciliation of unutilized WHT… Read more

Operators Threaten Showdown with NAICOM over Recapitalisation Deadline

2018-09-05 2:30 PM | by Nigeria Compliancehub

The decision by the National Insurance Commission (NAICOM) to revise backward the recapitalisation deadline from the January 1, 2019, it had earlier fixed, to October 1, 2018, is causing ripples in the industry, some operators are threatening legal action against NAICOM.

This is just as the Nigeria Insurers Association (NIA)… Read more

NAICOM lifts ban on new licence issuance

2018-09-05 2:05 PM | by Nigeria Compliancehub

After eight years of suspending the issuance of new operating licences to investors to start new life, non-life and composite insurance companies in Nigeria, the National Insurance Commission on Tuesday lifted the ban.

It however restricted the new licence issuance to investors interested in Tier 1 insurance… Read more

FG asks MTN to pay $2bn tax arrears

2018-09-05 12:45 PM | by Nigeria Compliancehub

The Federal Government has asked MTN Nigeria to pay taxes of $2bn (N700bn), six days after the Central Bank of Nigeria ordered it to repatriate $8.13 billion ‘illegally taken out of the country’. The telecom company said in a brief statement that the Attorney General’s office gave “notice of an… Read more

NPA wants effective implementation of Public Procurement Act

2018-08-31 3:33 PM | by Nigeria Compliancehub

The management of the Nigerian Ports Authority has supported the formation of the Nigeria Institution of Procurement Engineers – Lagos Chapter, insisting that its establishment will enhance the understanding and effective implementation of the Nigerian Public Procurement Act 2007.

While commending the initiators of the institution, the… Read more

CBN says Savannah Bank customers will soon get their deposits

2018-08-31 2:57 PM | by Nigeria Compliancehub

Victims of the defunct Savannah Bank have been assured that their funds which have been hanging for years, will be duly returned. The Central Bank of Nigeria (CBN) gave this assurance at the 3rd biennial Bank Customers Summit.

Speaking at the summit, the CBN Governor, Godwin Emefiele, who was represented by T.Y Ahmed,… Read more

e-Dividend Registration To Continue – SEC

2018-01-04 11:59 AM | by Nigeria Compliancehub

The Securities and Exchange Commission (SEC) has announced that the e-dividend registration exercise would continue seamlessly in spite of the expiration of the December 31st 2017 free registration deadline.

It would be recalled that the e-dividend free registration expired on December 31, 2017.

Dr. Abdul Zubair, Acting Director General of SEC, who… Read more

SON Launches PAM to Check Substandard Products

2017-12-15 3:45 PM | by Nigeria Compliancehub

The Director-General of the Standards Organisation of Nigeria (SON), Osita Aboloma, has said that the agency’s newly introduced Product Authentication Mark (PAM) will raise the patronage of made-in-Nigeria products and boost the country’s economic diversification drive from oil to non-oil sector and check substandard products.

The PAM is a mark of… Read more