By Tochukwu Bliss, Abuja
The Asset Management Corporation of Nigeria (AMCON), has posted a remarkable triple-digit growth of 202% from N34.730 billion in the previous year to N108.433 billion in 2023.
This came despite challenging macroeconomic conditions coupled with economic headwinds occasioned by the removal of subsidy and floatation of the naira, according to a statement by the AMCON’s spokesperson, Jude Nwauzor.
In a breakdown provided, AMCON was said to have achieved a year-on-year (YoY) growth in profit of 212% from N34.730 billion in the financial year, which ended on December 31, 2022, to N108.433 billion in the period ended December 31, 2023.
It also showed fair valuation gains on Eligible Bank Assets (EBAs) increased to N40.9 billion in 2023 from a loss of N187.9 billion in 2022. Equity portfolio recorded 82% growth in 2023 amounting to N43 billion as compared with N7.9 billion in 2022. The significant trading gains are as result of an improved performance in the stock market.
…special emphasis will be on improved recoveries and efficient realisation of value from disposal of forfeited assets in furtherance of the Corporation’s mandate.
The Corporation achieved a favourable reduction in total liabilities, from N6.282 trillion in 2022 to N5.739 trillion in 2023, primarily due to repayments of the N500 billion Central Bank of Nigeria (CBN) loan.
It also realised 89% achievement of its revenue budget in 2023 as the total recovery in 2023 stood at N125.2 billion – N81.65 billion in collections from various obligors; N17.8 billion from share sales; N15.5billion reinvestment income; N6 billion as proceed from sale of properties; N3.8 billion dividend income; and N0.5 billion from rental income.
The executive management, currently led by the newly appointed Managing Director/Chief Executive Officer, Gbenga Alade, said AMCON is strategically positioned to continue with the positive trajectory achieved in the year 2023.
It added that special emphasis will be on improved recoveries and efficient realisation of value from disposal of forfeited assets in furtherance of the Corporation’s mandate.
