AMCON to retire N2tr bonds

By The Citizen

The Asset Management Company of Nigeria plans to retire 2 trillion naira worth of its 5.7 trillion naira of bonds this year and next from bad loan recoveries and refinance what's left with the central bank, it said on Monday.

AMCON said it had made 'great progress' on recovering bad loans and that after the refinancing, the CBN will be the sole holder of its bonds.

It said retiring the 2 trillion naira worth of bonds will cut its liabilities by 35 percent.

Reuters reports that AMCON will also start divesting its shares in three lenders nationalised by the CBN in the next 30 days, starting with Enterprise bank.