Shareholders kick over N83.58bn banks’ contributions to AMCON in 2018


AMCON boss Ahmed Kuru

By Chinyere Joel-Nwokeoma

Shareholders of five banks are up in arms over N83.58 billion contribution into the sinking fund of the Asset Management Corporation of Nigeria (AMCON) in 2018.

The News Agency of Nigeria (NAN) reports that the banks are Sterling Bank, United Bank for Africa (UBA), Guaranty Trust Bank, Zenith International Bank and FBN Holdings.

Data obtained from the banks’ annual reports indicated that Sterling Bank paid the sum of N6.0 billion for the financial year ended Dec. 31, 2018.

UBA during the period paid N16.63 billion, GT Bank N16.31 billion, Zenith Bank contributed N9.54 billion and FBN Holdings paid N35.10 billion.

The Central Bank of Nigeria (CBN), on Jan. 1, 2011, had signed an agreement with banks operating in the country to establish the AMCON sinking fund.

The agreement required the CBN to contribute N50 billion and the banks an equivalent of 0.3 per cent of their total assets as at the date of their audited financial…

Source: News Agency of Nigeria