AMCON’s Boss Vows To Recover Its N2.3 Trillion Loss

AMCON’s Boss Vows To Recover Its N2.3 Trillion Loss

AMCON’s Boss Vows To Recover Its N2.3 Trillion Loss

The Asset Management Corporation of Nigeria (AMCON) says it will recover most of the losses it reported in its 2011 financials totaling N2.3 trillion.

In an interview with Channels Television, the chief executive of the corporation, Mr Mustafa Chike-Obi stated further that the loss was expected, owing to the huge amount of funds pumped into the banks that were rescued in the 2009 financial crisis.

He added that contributions made by the commercial banks and the Central Bank of Nigeria (CBN) into AMCON’s sinking fund, will improve the corporation’s balance sheet for the 2012 financial year.

AMCON, last week reported a N2.37 trillion loss after tax, three years after it was set up to absorb the bad debts of banks in the aftermath of a financial crisis.

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