a claw-back clause. AMCON’s exposure to unsecured loans, a minority of assets purchased, was limited to 5% of face value. By the end of 2011, AMCON had accumulated a total notional amount of N4.2trn ($26.46bn) in NPLs, at a cost of N1.76trn ($11.09bn). This amounted to four times more NPLs than banks had disclosed in their regulatory filings, according to CBN data.
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As the single most populous nation in Africa, Nigeria is widely expected to overtake South Africa as the largest economy on the continent within a matter of years. Increasingly, it is overhauling its markets – whether in electricity or rail – to improve efficiency, and growth has been robust even through the depths of the recent global slowdown...
Officials have been at work reforming Nigeria’s pension system for almost a decade, and are showing no signs of losing steam. While early attempts have failed to fix problems entrenched in the system, the government seems determined to tweak its features for as long as necessary to find the right mix and eliminate fraud from the system. An overhaul...
Although the 2004 wave of consolidation led to a near-doubling of bank branches, from 3535 in 2005 to 5565 in 2009, as per figures from the Central Bank of Nigeria (CBN), the number of financially included Nigerians was 23.6m by the end of 2008, according to Enhancing Financial Innovation & Access (EFInA), a financial development organisation....
With increasing support from the government, local exploration and production (E&P) firms are expanding their share of output and prospects. International oil companies (IOCs) have gradually been retrenching their positions onshore and in shallow waters, selling over $7bn in combined assets over the past three years to both local firms and...
Although credit to corporates and households rebounded strongly after the 2009 banking crisis, from N9.7trn ($61.11bn) in 2010 (28.2% of GDP) to N15.28trn ($96.26bn) in 2012 (35.1% of GDP), Nigerian individuals and enterprises remain relatively under-leveraged.
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