Business AMCON to Withdraw $143bn From Nigerian Banks in 2014; Levy Getting Heavier- Afrinvest



A report by Ike Chioke, the managing director of Afrinvest, says Nigerian banks will continue to groan under the levy imposed on them by the Assets Management Corporation of Nigeria, AMCON, and that the levies are getting heavier each year.

Excerpt from National Mirror:

The Assets Management Corporation of Nigeria (AMCON) will continue to be a burden to Nigerian banks as levies to the bad bank is expected to rise to N142.9 billion by the end of 2014 financial year.

Speaking at the launch of the 2014 Nigerian Banking Sector Report in Lagos yesterday, the managing director and chief executive of Afrinvest, Ike Chioke, said Nigerian banks will continue to groan under the heavy levy paid to AMCON.

According to the report, AMCON levies paid by banks had increased by 76 per cent to N96 billion in 2013 from N54.6 billion in 2012 “thus constituting a chunk of the total of banks’ operating expenses. This had invariably pressured the net earnings of the banks, hence increasing the scramble for earnings.

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