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this corporation, the body identified 10 banks with crisis in system asset and responded by the injection of ₦736 billion liquidity to buy up their assets. Among the 10 banks only three banks were unable to meet up and were finally acquired by AMCON and tagged as
Bridged Banks: Mainstreet Bank, Keystone Bank and Enterprise Bank. In 2013, the management of the
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and 0.3% of total asset value of all the commercial banks over the useful life of the corporation. The money from this fund would be used to purchase FG securities and the returns from this investment will be returned to the account and then redistributed among the contributing commercial banks. The
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As a result of global financial crisis and domestic events, the federal government of
Nigeria through the operation of Central Bank of Nigeria conceptualized the idea for the establishment of a body that will prevent the looming financial crisis in the country. At the time of the establishment of
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through their report advised the
Federal Government of Nigeria to stop the operations of AMCON in order to avoid future financial challenges. The founding Managing Director of the organisation was sacked by President
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fund is administered by consortium of members from the participating banks which will be rotated annually to allow even participation among the participating banks. The
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The Act establishing the body permits, as part of its operation to set aside a sinking fund with an annual ₦50 billion contribution by the
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138:. The body acted as the buyer of banks for the Nigerian Government by acquiring the non-performing loans (NPL). The original
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in July 2010 with an intended 10 years lifespan. The concept is in consonance with the operation of the
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of the acquired NPLs was ₦4.02 trillion at a price of ₦1.76 trillion with a commensurate issue of
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because the presidency believed that sales of acquired banks lack transparency
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in his submission in 2015, queried the excess debt accumulation by the body
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Federal
Republic of NigeriaPlot 417 Tigris Crescent. Maitama, FCT, Abuja.
266:"finally AMCON transfers Mainstreet Enterprise to skype Heritage Banks"
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Banking Reform in
Nigeria:Aftermath of the 2009 Financial Crisis
296:"amcon hands over Enterprise,Mainstreet banks to new owners"
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379:"House to probe N5tri Amcon debt, FCT land swap deal"
409:"Nigeria President dissolves Assets Management Corp"
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327:"why Amcon operation winding down is necessary"
120:Asset Management Corporation of Nigeria (AMCON)
353:"why Buhari fired amcon MD Mustafa Chike Obi"
8:
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122:is a body established by the Act of the
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216:. Palgrave Macmillan. pp. 2–10.
81:Eberechukeu Uneze, Executive Director
58:₦150 billion estimated cost per annum
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179:House of Representatives of Nigeria
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128:National Asset Management Agency
84:Aminu Ismail, Executive Director
210:Makanjuola, Yomi (8 May 2015).
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136:Malaysia Pengurusan Danaharta
124:National Assembly of Nigeria
377:Kemi Yesufu and Fred Itua.
157:International Monetary Fund
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72:, Chief Executive Officer
174:Central Bank of Nigeria
146:for the NPL acquired.
21:Corporation of Nigeria
70:Edward Lametek Adamu
132:Republic of Ireland
78:, Managing Director
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440:Banking in Nigeria
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63:Agency executives
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191:Official Website
162:Muhammadu Buhari
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111:Official Website
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19:Asset Management
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98:AMCON Act 2010
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389:on 2015-12-01
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357:premium times
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55:Annual budget
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416:. Retrieved
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387:the original
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270:This daylive
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92:Key document
76:Gbenga Alade
39:Jurisdiction
34:11 July 2011
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264:Chike Obi.
247:|work=
418:3 December
362:3 December
336:3 December
280:3 December
229:3 December
197:References
168:Operations
150:Background
140:book value
413:AllAfrica
300:daily sun
249:ignored (
239:cite book
144:Zero Bond
47:Employees
434:Category
331:Vanguard
383:the Sun
130:of the
106:Website
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31:Formed
393:3 Dec
310:3 Dec
420:2015
395:2015
364:2015
338:2015
312:2015
282:2015
251:help
231:2015
218:ISBN
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