Abuja - (09)2780300
Lagos - (01)2773210
customer.complaints@amcon.com.ng
whistleblowing@amcon.com.ng
FAQs
  Download Bid Form
Our Vision

"To be a key stabilizing and re-vitalizing tool in the Nigerian economy."

Core Values

Core Values represent those central beliefs which guide the internal workings of the corporation namely:

  • Professionalism
  • Loyalty
  • Integrity
  • Fairness/Equity
  • Excellence
  Download AMCON Act

 

FAQs

Eligibility Criteria

Who is eligible to buy assets from AMCON?
To participate in the AMCON disposal an interested party must meet the following criteria:
  • Individual / Corporate entity must not be indebted to AMCON;
  • Directors of interested companies must not be indebted to AMCON; and
  • Individual must not be an AMCON employee, a relative of an AMCON employee or member of the Board of AMCON.
 
How Can I Arrange Property Viewings?
To arrange a viewing of the property you are interested in purchasing, kindly call the relevant sales agent on the telephone numbers provided in the advert and on the website.
How Do I Bid For Assets?
To submit a bid for AMCON property the interested party will need to download the following documents from our website or collect the forms from the sales agent:
  • AMCON Bid Submission form.
  • Know Your Client (KYC) Form.
  • Verifying Affidavit Form (For individual/Corporate as the case may be).
The forms will need to be duly executed with all requested supporting documentation attached. It is also important to take note of the following:
  • All AMCON bid submission forms must include the bid amount, name, address and telephone numbers of the interested party and the name of the sales agent (if any). The bid will also have to be signed by an official authorized to bind the bidder to a contract and placed in a sealed envelope.
  • All bids must be submitted alongside executed AMCON Know Your Client (“KYC”) forms, Verifying Affidavit and 10% of the bid amount in Certified Bank Drafts in a sealed envelope with “Bid for Property” or other relevant asset type inscribed on the top left corner of the envelope.
  • All bids must be addressed to:
  • The Secretary, Asset Sale & Negotiation Committee, AMCON and delivered to the relevant AMCON office published on the advert
Can A Bid Be Submitted Without The 10% Deposit Certified Bank Drafts?
  • No. Every valid bid MUST be submitted alongside the 10% deposit certified bank draft. Any incomplete bid submissions will be disqualified.
What Happens When A Bid Is Submitted After The Bid Submission Deadline?
  • Any bids received after the deadline for the submission of bids shall not be accepted and will be returned to the interested party which submitted it.
Can I Bid For More Than One Property In One Bidding Exercise?
  • Yes, a prospective buyer can bid for more than 1 property in a bidding exercise. However, each submission requires a separate set of documents and certified bank drafts to be submitted. A bid submission form can only be used per property therefore, for every bid made, a new bid submission would be required.
 

Where Will The Bid Opening Take Place?
  • All bids will be opened at the designated AMCON (Lagos or Abuja) on the designated date advertised in the newspapers. Please note that the submission and bid opening requirements are as detailed in the relevant adverts.
When Will Results Of The Bid Be Announced?
  • The results of the bid will be announced immediately after all the bids are opened on the day of the bidding exercise.
Can I Withdraw Or Cancel My Bid After Submission?
  • No. Withdrawals or cancellations of bids after submission are not permitted.
What Happens If I Win The Bid?
  • The winning bidder has a period of 15 days from the date of emerging winner of the bid to complete the outstanding 90% payment for the property. The 10% deposit payment will be banked immediately and constitute part payment for the property.
What Happens If I Do Not Win The Bid?
  • The bank drafts of the unsuccessful bidders will be returned immediately the winner is announced and no later than one week from the date the bids were opened.
What Happens If No Bid Meets The Reserve Price?
  • Where no bid meets the Reserve Price after opening all the bids and disclosure of the reserve price, interested bidders shall be asked to submit fresh bids immediately.
What Happens If There Is A Tie On The Highest Bid?
  • In the event of a tie-bid, where the bid price is above the reserve price, there shall be a fresh bid submission by the concerned bidders immediately.
What Happens If The Successful Bidder Fails To Pay The 90% Balance Of The Bid Within The Stipulated Time Frame?
  • In the event that a successful bidder fails to pay the balance of the bid within the stipulated time frame, the 10% deposit will be forfeited and the property offered to the second highest bid (reserve bidder) where the next highest bidder has bid above the reserve price.
If I Emerge The Winning Bidder, How Will I Be Required To Make The 90% Balancing Payment?
  • The bank account for this purpose will be made available to you.
When Will The Bank Drafts Of Unsuccessful Bidders Be Returned?
  • The bank drafts of unsuccessful bidders will be returned immediately the winner is announced no later than one week from the date the bids were opened.

  

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