IMF Report On AMCON’s Existence Is Misconstrued – AMCON MD

Channels Television  
Updated April 4, 2013

The continued existence of the Asset Management Corporation of Nigeria (AMCON) does not constitute a “moral hazard” or fiscal risk to the financial system, because the Central Bank of Nigeria (CBN) ensures that banks lend in a prudential manner.

This is according to the managing director of AMCON, Mr. Mustafa Chike-Obi, in an exclusive interview today with Channels Television.

Mr. Chike-obi who was responding to the IMF Article 4 consultation report on Nigeria, stated that, contrary to media reports, the international lender is not asking that AMCON be wound up immediately, stressing that the corporation will need at least seven years to complete its loan recovery activities.