AMCON Set To Redeem Bonds Worth N1.1 Trillion

Channels Television  
Updated December 21, 2013

Asset Management Corporation of Nigeria has indicated its readiness to redeem 1.1 trillion Naira for series one, two, three and four bonds held by institutions outside the Central Bank of Nigeria by the end of 2013.

At the signing of an agreement on the redemption plan that would ensure the complete off-setting of the liabilities by 2023, the governor of the CBN, Sanusi Lamido Sanusi, said that one trillion Naira for the first redemption had been received by the apex bank from the corporation.

Mr Sanusi said that the agreement would help stabilise the financial system.

“Out of the 5.8 trillion Naira worth of AMCON bonds, on December 30, AMCON will cancel 1.1 trillion Naira held by all institutions outside the CBN.

“In October 2014 AMCON will write off another 1 trillion, series five bonds, held by banks and other institutions,” he said.