AMCON takes N327.6bn from 9 lenders in 2 Years

The Assets Management Corporation of Nigeria (AMCON) is currently at odds with key stakeholders in the capital market and shareholders in publicly traded banks and other financial institutions over its continued existence in light of the massive charge it imposes on Nigerian banks.

This follows the corporation’s receipt of N327.6 billion from nine banks between the financial years 2020 and 2021, which ended on December 31.

The AMCON charge levied on nine banks increased from N146.9 billion in 2020 to N180.67 billion in the 2021 financial year, according to data obtained by THISDAY from bank results and accounts.

Access Bank Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa (UBA), Zenith Bank Plc, and Fidelity Bank Plc are the nine banks involved. Wema Bank Plc, Sterling Bank Plc, FCMB Group Plc, and Stanbic IBTC Holdings Plc are among the others.