Amcon to Sign Debt Purchase Agreements With Banks
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Asset Management Corp. of Nigeria, a state-owned company set up to buy loans from lenders, will sign debt-purchase agreements with 21 of the nation’s banks in Lagos tomorrow, Managing Director Mustafa Chike-Obi said.
Amcon, as the company is known, has reached agreements with 21 of the country’s 24 lenders, he said by phone from Lagos today. The company is waiting for one bank to submit papers, while Citigroup Inc. and Standard Chartered Bank Plc’s local units have opted out of the arrangement.