Despite challenging macroeconomic conditions coupled with economic headwinds, the Asset Management Corporation of Nigeria (AMCON) say it achieved a remarkable triple-digit growth of 202% from NGN34.730 billion in the previous year to NGN108.433 billion in 2023.
This was contained in a press release issued by Mr. Jude Nwauzor, Head Corporate Communications Department of Nigeria’s debt recovery agency.
A breakdown of the numbers shows 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 N34.730 billion in the financial year, which ended on December 31, 2022, to N108.433 billion in the period ended December 31, 2023.
The report disclosed that fair valuation gains on Eligible Bank Assets (EBAs) increased to N40.9 billion in 2023 from a loss of N187.9 billion in 2022 and Equity portfolio recorded 82% growth in 2023 amounting to N43 billion as compared with N7.9 billion in 2022. This significant trading gains is as result of an improved performance in the stock market.
AMCON achieved a favourable reduction in total liabilities, from N6.282 trillion in 2022 to N5.739 trillion in 2023, primarily due to repayments of the N500 billion 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 N125.2 billion.
A breakdown of the recovery showed that AMCON achieved N81.65 billion in collections from various obligors, N17.8 billion from share sales, N15.5billion reinvestment income, N6 billion as proceed from sale of properties, N3.8 billion dividend income and N0.5 billion from rental income despite the country’s challenging economic environment, occasioned by the removal of subsidy and floatation of the naira.
Jude added that the management of the Corporation 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:
AMCON Profit for the year Dec 31, 2022 – N34,730bn
Profit for the year Dec 31, 2023 – N108,433bn
Total comprehensive income for the year, net of tax – (2023) N106,385bn
N30,963bn (2022)
Total AssetsN1,076,144bn (2023)
N1,513,304bn (2022).
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