Despite a reported N2.37 trillion loss for the year 2012, the Deputy Governor, Financial Systems, Central Bank of Nigeria (CBN), Kingsley Moghalu, has explained how the Asset Management Corporation of Nigeria (AMCON) has helped to enhance the nation’s financial system stability.
Speaking as a guest on Channels Television weekend breakfast show; Sunrise, Mr Moghalu explained how AMCON which he described as a ‘Bad bank’ was set up to above the bad debts of banks that were rescued in 2009.
He further explained that all the nation’s banks are currently contributing a portion of the annual profits to a sinking fund that will offset AMCON’s acquired debts.
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