AMCON’s profit rose by 212% to N108.433bn in 2023
Managing Director/Chief Executive, Asset Management Corporation of Nigeria, Mr Gbenga Alade
AMCON’s profit rose by 212% to N108.433bn in 2023
Nike Popoola
Despite challenging macroeconomic conditions coupled with economic headwinds, Asset Management Corporation of Nigeria (AMCON) achieved a remarkable triple-digit growth of 212% from N34.730bn in 2022 financial period to N108.433bn in 2023.
This was contained in the latest press release issued today by Mr. Jude Nwauzor, Head Corporate Communications Department of the debt recovery agency of the Federal Government.
A breakdown of this impressive achievement showed that AMCON, which is currently led by Mr Gbenga Alade as Managing Director/Chief Executive Officer, achieved a Year-on-Year (YoY) growth in profit of 212% from N34.730bn in the financial year, which ended on December 31, 2022, to N108.433bn in the period ended December 31, 2023.
The report disclosed that fair valuation gains on Eligible Bank Assets (EBAs) increased to N40.9bn in 2023 from a loss of N187.9bn in 2022. Equity portfolio recorded 82% growth in 2023 amounting to N43bn as compared with N7.9bn in 2022. The significant trading gains is as result of an improved performance in the stock market.
Interestingly, the Corporation achieved a favourable reduction in total liabilities, from N6.282 trillion in 2022 to N5.739tn in 2023, primarily due to repayments of the N500bn Central Bank of Nigeria (CBN) loan. The Corporation also achieved 89% achievement of its revenue budget in 2023 as the total recovery in 2023 stood at N125.2bn.
A breakdown of the recovery showed that AMCON achieved N81.65bn in collections from various obligors, N17.8bn from share sales, N15.5bn reinvestment income, N6bn as proceed from sale of properties, N3.8bn dividend income and N0.5bn from rental income despite the country’s challenging economic environment, occasioned by the removal of subsidy and floatation of the naira.
The executive management of the Corporation led by Alade said AMCON is strategically positioned to continue with the positive trajectory achieved in the year 2023, with special emphasis on improved recoveries and efficient realization of value from disposal of forfeited assets in furtherance of the Corporation’s mandate.
The summary of the AMCON’s Financial highlight is presented below:
