Asset Management Corporation of Nigeria (AMCON) News

Hadi Sirika, Nigeria's Minister of State on Aviation

Nigeria plans to set up national airline, develop aviation capacity

Nigeria has appointed advisers to help it set up a national airline and develop its aviation infrastructure — currently seen as a barrier to economic growth — to create a hub for West Africa, junior aviation minister Hadi Sirika said earlier this month.

Duet launches new PE fund focused on distressed Nigerian companies

Duet launches $400M private equity fund focused on distressed Nigerian companies

Duet Private Equity has signed an exclusive agreement with the Asset Management Corporation of Nigeria (AMCON) to establish an investment fund focused on Nigeria’s fast-moving consumer goods (FMCG) sector.

Aliko Dangote, President and Chief Executive Officer of Dangote Group and Co-Chair of the World Economic Forum (WEF) Annual Meeting 2014, speaks during a session at the WEF in Davos January 22, 2014.

Africa's richest man Dangote makes bid to acquire controlling stake of Peugeot Nigeria

Aliko Dangote, Africa’s richest man, has teamed up with two Nigerian states to bid for a majority stake in Peugeot Automobile Nigeria (PAN) Limited, a local joint venture with the French automaker, the governor of Kaduna State said on Thursday.

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN)

Nigerian central bank offers some relief to country's banking sector

The Nigerian banking sector finally has some breathing space after the country’s central bank lowered capital reserve requirements (CRR) for banks from 31% to 25%. 

Mustafa Chike-Obi, CEO, Asset Management Corporation of Nigeria (AMCON)

Nigeria’s president replaces "bad bank" AMCON CEO Mustafa Chike-Obi with Ahmed Lawan Kuru

Nigeria’s President Muhammadu Buhari has replaced the CEO of the government-owned “bad bank” set up to resolve a financial crisis five years ago. This is Buhari’s second change of leadership of a key state company in a month.

Albert Essien, CEO, Ecobank Group

Ecobank's comeback on course

Ecobank Transnational (ETI) had a strong first quarter, despite last year’s corporate governance issues that gained much media attention and culminated in the dismissal of key board members.

In happier times: Ngozi Okonjo-Iweala (Left), Nigeria’s Minister of Finance and former Managing Director of the World Bank; Sanusi Lamido Sanusi (Center), former Governor of the Central Bank of Nigeria; and Nigeria’s President Goodluck Jonathan (Right)

The most important job in Nigeria right now

In most countries, the position of central bank governor is one of a conservative low-key economist who only makes public utterances a few times a year around monetary policy.

Ngozi Okonjo-Iweala, Nigeria's Minister of Finance

He was Nigeria's worst Central Bank Governor ever, says Ngozi Okonjo-Iweala, Nigeria's Minister of Finance, about Charles Soludo, former Central Bank Governor

The Minister of Finance, Ngozi Okonjo-Iweala, on Wednesday took the former Central Bank of Nigeria, CBN, Chukwuma Soludo, to the cleaners over his criticism  of President Goodluck Jonathan’s management of the country’s economy.

Keystone Bank

Nigeria's AMCON to start Keystone Bank sale after elections

The Asset Management Corp. of Nigeria plans to begin the sale of Keystone Bank Ltd., the biggest of three lenders nationalized after a 2009 financial crisis, in the second quarter after general elections next month.

Air Nigeria plane

Nigeria's AMCON to sell Air Nigeria assets

The Asset Management Corporation of Nigeria (AMCON) has announced that it will sell three Boeing and Embraer planes, along with other assets, belonging to Air Nigeria.

Amaka Onwughalu, Interim Managing Director of Mainstreet Bank

Nigeria's Skye Bank appoints Amaka Onwughalu as Interim Managing Director for Mainstreet Bank

Skye Bank Plc has appointed Amaka Onwughalu as the interim Managing Director for Mainstreet Bank Limited.

Bob Diamond, Co-Founder, Atlas Mara

Bob Diamond's Atlas Mara successfully increases stake in Union Bank of Nigeria to 29.9%

Atlas Mara Co-Nvest Limited ("Atlas Mara" or the "Company") has successfully completed its previously announced acquisition of approximately 20.9% in Union Bank of Nigeria Plc ("UBN"), from Asset Management Corporation of Nigeria ("AMCON"), for a purchase price of approximately $250 million (the "Transaction").

Kingsley Moghalu, Former Deputy Governor of the Central Bank of Nigeria (CBN)

Deputy Governor of Nigeria's Central Bank Kingsley Moghalu announces resignation

Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Chiedu Moghalu, has announced that he is leaving the bank after his completion of a five-year term.

Skye Bank

Nigeria's Skye Bank completes payment for acquisition of Mainstreet Bank

Nigeria’s Skye Bank Plc has announced full payment of the remaining 80% balance for its purchase of Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON). Skype Bank now owns 100% of Mainstreet Bank.

Enterprise Bank

Nigeria's Heritage is acquiring Enterprise Bank for $340M

Nigerian Heritage Banking Co. is paying 56.1 billion naira ($340 million) to acquire nationalised lender Enterprise Bank Ltd.

Skye Bank

Skye Bank picked as buyer for Nigeria's nationalized lender Mainstreet Bank

Nigeria’s state-owned rescue bank AMCON has selected mid-tier lender Skye Bank, as the successful bidder to buy nationalized lender Mainstreet Bank.

Goodluck Jonathan, President of Nigeria

Nigeria's Power Industry Bailout Heads Off Threat to Lenders

Nigeria has headed off a threat to its banking industry by propping up struggling power companies with an intervention fund, said analysts including Pabina Yinkere of Vetiva Capital Management Ltd.

Amir H. Amiri, Executive Director, Kouros Capital Group Limited (Left) and Chief Etiebet of Dextel (Right)

Iran's Kouros Capital interested in Nigeria's NITEL and Bridge Banks

Iranian investors under the Iran-Nigeria Investment Corporation and led by Kouros Capital Group (KCG) have expressed interest in NITEL and the bridge banks whose privatisation has lingered.

Central Bank of Nigeria (CBN), Abuja

Nigeria's Too Big to Fail Bank Rules Spur Bond Sale Rush

Nigerian lenders are gearing up to sell the most debt in four years to bolster cash reserves, taking advantage of a drop in borrowing costs before the central bank increases how much capital they need to hold.

Mustafa Chike-Obi, MD/CEO, Asset Management Corporation of Nigeria (AMCON)

U.S. investor seeks to stop sale of Nigerian bank Mainstreet

A U.S. court has summoned representatives of a body set up to manage Nigeria’s rescued banks in a dispute with U.S. financial firm Intangis Holdings, which says Nigeria has ignored its right to buy one of the nationalised lenders.

Mustafa Chike-Obi, CEO, Asset Management Corporation of Nigeria (AMCON)

Nigeria’s AMCON to Repay 800 Billion Naira of Bonds This Year

The Asset Management Corp. of Nigeria, set up by the West African nation to buy bad debts from banks, said it plans to repay 800 billion naira ($4.9 billion) of bonds due August this year.