The Asset Management Corporation of Nigeria (AMCON) was established pursuant to the Asset Management Corporation of Nigeria Act no. 4, 2010 on the 19th day of July 2010, for the purpose of efficiently resolving the non-performing loans assets of banks in Nigeria.
Guidelines and Regulations issued under the AMCON Act
Under the AMCON Act, the Central Bank of Nigeria (CBN) may issue guidelines or directions to the Corporation, to this end the CBN issued the Asset Management Corporation of Nigeria Guidelines No. 1 of 2010. The Guidelines became effective on the 1st of November 2010.