To ensure a safer banking sector, seven Nigerian banks were forced to pay over N123.8 billion into the account of Assets Management Corporation of Nigeria (AMCON) in 2021, IgbereTV reports
The amount is a 24.30 per cent increase from N99.6 billion paid in 2020.
The money put together is used to help pay liabilities incurred from acquiring Non-Performing Loans (NPLs) to keep the banking sector healthy.
The current applicable rate based on AMCON Act of 2015 is 0.5% of total assets plus total off-balance sheet assets.
AMCON was set up by the Federal Government in 2010 with a 10-year mandate due to rising bad loans and the need to save the banking industry from imminent collapse
