AMCON Says Keystone Bank Sold At N41 billion

Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has said the sale of Keystone Bank to new investors at N41 billion helped to boost the corporation’s performance in the last financial year.

He said AMCON had acquired 12,537 Non-Performing Loans (NPLs) worth N1.7 trillion from 22 financial institutions, following the 2009 banking crisis. “Gross earnings also increased by 23 per cent to N341.8 billion, a 21 per cent increase in interest income to N42.6 billion as well as the N41 billion sale of Keystone Bank,” he said in a statement.

Kuru said AMCON was set to deal with the top assets in its portfolio and would take steps to recover its debts. He said AMCON’s obligors, especially politically exposed individuals and business heavyweights, who hitherto thought they were untouchable, would not be spared in the enforcement by the recovery agency.

According to him, AMCON has released its 2017 Audited Accounts. He said as a result of the new recovery strategy, the corporation is restructuring its processes to enable it go after the crop of recalcitrant debtors in a manner that has never been witnessed before, assuring that AMCON would not engage in any illegality.

Photo Caption: Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru