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Nigeria AMCON to recover 70 pct of $19.7 bln NPLs

Category: Money Market


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Nigeria AMCON to recover 70 pct of $19.7 bln NPLs

 

Monday November 28, 2011 2:30pm
 

Nigeria's state asset management company AMCON will be able to recover 70 percent of the 3.14 trillion naira ($19.68 bln) in non-performing loans it took off the books of banks rescued in a 2009 bailout, its chief executive said on Monday.
 

AMCON took on 9,000 non-performing loans and has so far recovered 15 percent of their total value, Mustapha Chike-Obi told reporters at an industry conference in Lagos. He said the 200 biggest loans accounted for 80 percent of the total debt.
 

($1 = 159.5500 Nigerian Nairas)
 

 

Source: Reuters (Reporting by Chijioke Ohoucha)



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