Nigeria: Shareholders Lament N53.52 Billion Banks' Levy to AMCON

19 June 2014

Eight commercial banks contributed N53.52 billion to the Asset Management Corporation of Nigeria's (AMCON's) sinking fund in 2013. Checks by the News Agency of Nigeria (NAN) indicated that the banks were Zenith Bank Plc, Union Bank of Nigeria Plc, Skye Bank Plc, United Bank for Africa (UBA) Plc and First City Monument Bank.

Others are FBN Holdings Plc, Sterling Bank Plc and Diamond Bank Plc. The Central Bank of Nigeria (CBN) and the banks in 2011 had signed a Memorandum of Understanding (MoU) for the establishment of a sinking fund.

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