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Home Business News Politics

AMCON to Redeem N867 Billion Bonds by October

Nairametrics by Nairametrics
September 10, 2014
in Politics
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The Asset Management Corporation AMCON is expected to redeem the third tranche of its bonds held by private investors valued at N866.73 billion by next month.

THISDAY learnt that after the redemption next month, the Central Bank of Nigeria (CBN) would be the only bondholder in AMCON.

The corporation’s bonds held by banks and other private investors, which amounted to N734.09 billion and were redeemed on 31st December 2013, in line with the terms of the indenture, while bonds of N3.51 trillion held by the CBN, were restructured into a N3.80 trillion Note at six per cent, with a 10-year tenor.

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The Eligible Bank Assets (EBAs) acquired by AMCON also stood at N2.37 trillion as at the end of December 2013, down from N2.72 trillion at the end of June 2013.

Also, restructured loans amounted to N374.35 billion as at last December 31, of which 55.75 per cent were performing, while 44.25 per cent were non-performing.
Similarly, total recoveries at the end of December last year were N164.5 billion, up from the N109.40 billion achieved at the end of June last year.

Thisday

Tags: News Review
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Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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