The Asset Management Corporation of Nigeria (AMCON) was created in 2010 vide the Asset Management Corporation of Nigeria Act No. 4 of 2010 (the AMCON Act) to resuscitate the Nigerian financial system by recovering non-performing loans (NPLs) of Nigerian banks. The debts presently said to be about N4.4 trillion have thus far proven difficult to recover.1 AMCON is under immense pressure to fulfil its objective, amidst the calls by the International Monetary Fund (IMF) for the Federal Government (FG) to wind down AMCON so as to avert “moral hazard and fiscal risks”.
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