AMCON to recover 70 % of N3.14 trillion NPLs

Asset Management Company of Nigeria, AMCON may be able to recover 70 per cent of the N3.14 trillion ($19.68 bln) in non-performing loans it took off the books of banks rescued in a 2009 bailout, its chief executive Mustapha Chike-Obi said on Monday. AMCON took on 9,000 non-performing loans and has so far recovered 15 per cent of their total value Chike-Obi told reporters at a conference in Lagos. He said the 200 biggest loans accounted for 80 per cent of the total debt.