Overview

The Asset Management Corporation of Nigeria Act, 2010 establishes the Asset Management Corporation of Nigeria (AMCON) as a key financial institution to address the non-performing loan crisis in the Nigerian banking sector. The Act is structured into six parts: Part I covers the establishment, authorized capital, head office, objects, functions, and powers of the Corporation, as well as the appointment of asset managers and the Central Bank of Nigeria's authority to issue guidelines. Part II details the administration and management, including the Board's composition, tenure, remuneration, disqualification, resignation, and disclosure of interest. Part III addresses funds, finances, accounts, audit, and reporting requirements. Part IV outlines the process for acquiring, managing, and disposing of eligible bank assets, including valuation, purchase considerations, guarantees, and legal effects. Part V grants special powers to the Corporation, such as appointing receivers, possessing debtor property, freezing bank accounts, and participating in bankruptcy and winding-up proceedings. The Act aims to stabilize the financial system by purchasing non-performing loans from banks, managing them efficiently, and ensuring recovery.

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