Asset Management Corporation of Nigeria (AMCON) was established on the 19th July 2010

This Act seeks to establish the Asset Management Corporation of Nigeria for the purpose

Acquire Eligible Bank Assets (EBAs) from Eligible Financial Institutions (EFIs) at a fair value

AMCON was created to be a key stabilizing and re-vitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.