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AMCON records N823 billion loss in 2012

14 November 2013, 15:04

Lagos- The Asset Management Corporation of Nigeria (AMCON) on Thursday said it recorded a loss of N823 billion in the 2012 financial year.

The loss arose from the recapitalization of the three bridge banks; Enterprise Bank, Mainstreet Bank and Keystone Bank.

The cost of recapitalizing these banks amounted to N278 billion reports Daily Trust.

Mofoluke Dosunmu, AMCON’s Executive Director of Finance, said the corporation recorded liabilities to the tune of N5.45 trillion and gross earnings of over N42.96 billion.

She said the focus of the corporation in 2014 is to sell the three banks to reduce its liabilities.

She disclosed that some foreign banking institutions have already showed interest in acquiring these banks.

In a related development on Thursday, South Africa’s second-biggest financial-services company, FirstRand Limited. (FSR) indicated interest in buying either Mainstreet Bank Limited or Keystone Bank Limited to help establish a consumer-banking presence in the country.

Read more on Daily Trust


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