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Monday, March 27, 2023

Banks AMCON Charges Surge 19% to N165.9bn in H1 2020

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The total amount of money paid by Nigerian Banks into the Asset Management Corporation of Nigeria (AMCON) resolution fund rose by 19 percent to N165.9 billion in the first half (H1) of the year.

This compares with the N138.92 billion banks paid in H1, 2019.

Data compiled by MoneyCentral shows that Banks are paying more of their revenues into the fund as total assets of lenders rise.

AMCON was created to buy bad debts following a banking crisis in 2009, according to the amended laws. AMCON is expected to wind down by 2023.

The AMCON charge is equivalent to 0.5 percent of banks total assets.

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