asset management corporation of nigeria

The Asset Management Corporation of Nigeria (AMCON) was established on July 19, 2010, through the AMCON Act signed into law by the President of Nigeria. It was created as a key stabilizing and revitalizing tool in response to the 2009 banking crisis to revive the Nigerian financial system. AMCON's primary mission is to acquire Non-Performing Loans (NPLs) from eligible financial institutions, efficiently manage the assets backing these loans, and dispose of them at a fair market value to recover debts and restore stability to the banking sector. It functions as Nigeria's "bad bank," helping to clean up the balance sheets of commercial banks so they can resume lending and contribute to economic growth.