What does AMCON mean in MANAGEMENT
AMSOC, short for the Asset Management Corporation of Nigeria, is a Nigerian financial services company with a mission to foster industrialization and development in the economy. It was founded in 2010 to help revitalize the Nigerian banking sector following extensive losses incurred by banks during the global financial crisis. AMCON works to provide finance and capital relief to distressed companies by providing liquidity and debt restructuring services. The corporation has been actively engaging in various initiatives such as debt-for-asset swaps, concessions and other forms of support for struggling businesses
AMCON meaning in Management in Business
AMCON mostly used in an acronym Management in Category Business that means Asset Management Corporation of Nigeria
Shorthand: AMCON,
Full Form: Asset Management Corporation of Nigeria
For more information of "Asset Management Corporation of Nigeria", see the section below.
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Essential Questions and Answers on Asset Management Corporation of Nigeria in "BUSINESS»MANAGEMENT"
What is AMCON?
The Asset Management Corporation of Nigeria (AMCON) is a Nigerian government-owned and -controlled financial institution that was set up to help stabilize the Nigerian banking sector. AMCON specializes in purchasing non-performing loans from Nigerian banks and other financial institutions.
How long has AMCON been around?
AMCON was established in July 2010 by the Assets Management Company of Nigeria Act 2010 to address the problem of non-performing loans in the Nigerian banking system.
What are the specific functions of AMCON?
The main objectives of AMCON are to provide financial assistance to tackle systemic issues within the Nigerian banking sector, to guarantee solvency and liquidity among financial institutions, and to foster confidence in the Nigerian economy.
How does AMCON achieve these objectives?
To fulfil its objectives, AMCON carries out activities such as loan acquisition from financial institutions, loan restructuring, debt consolidation, asset sales, debt issuance and equity investment. Additionally, it offers advisory services that are designed to assist financial institutions with their strategic planning processes.
Does AMCON provide any other services beyond those listed above?
Yes! In addition to its primary activities, AMCON also provides training for bankers and other interested parties on how to handle non-performing loans efficiently.
Who manages/oversees the operations of AMCON?
The Board of Directors oversees all operations performed by the managers at both corporate headquarters and regional offices nationwide. This includes day-to-day operational activities as well as long term strategic planning initiatives.
How does one become a member of the board of directors at AMCON?
All prospective Board members at AMCON must have expertise relevant to finance or banking with a minimum qualification level equivalent to at least an undergraduate degree from an accredited institution. Prospective board members must also be able demonstrate a track record of professional excellence relevant for their specific field in order to be considered for appointment. Furthermore they must not face any legal action or criminal charges related directly or indirectly with their past profession or business enterprise.