The Nigerian government formed the Asset Management Corporation of Nigeria (AMCON) as a financial organisation. The organization’s goal is to stabilise Nigeria’s financial system. They accomplish this mostly by settling any bank default loan assets in the Nigerian economy. In this article, we will show you how to buy assets from AMCON In 3 easy steps.
The AMCON Act was signed into law by the President of the Federal Republic of Nigeria on July 19, 2010. The Nigerian Asset Management Corporation was established as a result of this (AMCON). The corporation’s goal is to keep the Nigerian economy balanced and revitalise the financial industry.
At the outset of this organisation, ten banks were discovered to have issues with their system assets. They were able to remedy this by injecting N736 billion towards the acquisition of their asset. Three of the ten banks, however, were unable to meet. These three banks were purchased by AMCON and renamed Bridged Banks. Keystone Bank, Enterprise Bank, and Mainstreet Bank are the three banks affected. AMCON also boasts of acquiring default debts from a number of major Nigerian financial institutions.
What are the prerequisites for purchasing assets from AMCON?
The fact that AMCON has put some of its assets up for sale is no longer news. In order to be qualified to purchase an asset, an individual or a business must meet the following requirements:
- There must be no outstanding debts owed to AMCON by the individual or entity.
- There must be no outstanding debts owed to AMCON by the directors of such companies.
- The person who is interested cannot be an AMCON employee, a member of the AMCON Board of Directors, or a family member of an AMCON employee.
- After completing these criteria, an individual or a company becomes eligible to purchase assets from AMCON.
How do I place a bid on AMCON assets?
To bid on an AMCON asset, go to their website and download the following documents:
- The form for submitting an AMCON bid.
- The KYC (Know Your Client) form
- Form for affidavit verification
After that, you must complete all forms and attach all necessary papers in order to process the form. Complete the form and send it to the AMCON Asset Sales & Negotiation Committee secretary.
What happens if I submit a Bid after the deadline has passed?
AMCON will not accept a bid that is submitted after the bid submission date. As a result, you must make sure to submit your proposal before the deadline.
Is it possible for me to participate in an AMCON bidding exercise and bid on multiple assets?
In a bidding exercise, it is possible to bid on multiple assets. Each application, however, will require a unique set of documentation and bank draughts. This simply means that AMCON will demand a fresh bid submission for each bid you submit.
Is it possible to cancel my offer once it has been submitted?
No, cancelling your bid after it has been submitted is not acceptable. You cannot retract or cancel your bid after it has been submitted; you must complete it.
When and where will the AMCON Bid Opening be held?
All bids are opened at AMCON locations in Lagos and Abuja. All bid openings are announced and detailed in the publications by the corporation.
What would happen if I am awarded the AMCON bid?
After you win the bid, AMCON will provide you a 15-day period to complete the task.
This time period is for you to pay off the remaining 90% debt on the asset you intend to buy. In addition, your initial 10% deposit will be applied as part of the asset’s payment.
Using this platform, you can get a complete loan that is suited to your unique circumstances. Essentially, it allows you to compare loans from several lenders across Africa, guaranteeing that you don’t miss out on the greatest deal.
How do I get in touch with AMCON?
AMCON can be contacted in the following ways:
Head Office: 417 Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja, Federal Capital Territory of Nigeria
Lagos Office: 67, Marina Street, Lagos Island, Lagos, Nigeria Phone: (09)2780300 Abuja, (01)2773210 Lagos