The Minister of Finance, Mrs. Zainab Ahmed, has said since the commencement of operations of the Asset Management Corporation of Nigeria, AMCON about ₦1tn had been recovered from debtors of banks.
She said this in Abuja while inaugurating the board of AMCON.
According to Zainab, out of the recovered amount, cash accounted for 60 per cent, while non-cash assets such as properties and equity securities accounted for the balance of 40 per cent.
Adding to this, she said over the same period,
In quote she said, “At inception, the corporation acquired over 12,000 non-performing loans worth approximately three point seven trillion naira from 22 commercial banks; injected twenty two trillion naira as financial accommodation to ten banks.
“The direct impact of that action is seen in the protection of about three point six-six trillion
naira of depositors’ funds and approximately 14,000 jobs were saved”.