The Asset Management Corporation of Nigeria, an agency of the Federal Government, surcharged nine commercial banks in Nigeria for a total of N147.65 billion (AMCON).
The monies for the first and third quarters of 2022, which fall between January and September, were turned over to the debt-recovery agency.
When compared to the N163.14 billion indicated as AMCON levy in September 2021, the surcharge decreased to N147.65 billion as of September 2022, according the financials of 13 commercial banks examined by Ripples Nigeria.
This publication is aware that the AMCON surcharge for the review period in 2018 may have been higher because Zenith Bank failed to make any payments during that time, while three lenders failed to disclose it in their financial statements.
The AMCON levy represents each bank’s contribution to a fund established by the Asset Management Corporation of Nigeria (AMCON) Act. Effective 1 January 2013, each bank is required to contribute an equivalent of 0.5 per cent of its total assets plus 0.5 per cent of all contingent assets as at the preceding year end to AMCON’s sinking fund in line with existing guidelines.
Zenith Bank, which paid N43.64 billion between January to September 2021, the highest amongst its peers, was yet to make any payment as of September 2022.
GTCO’s AMCON levy was N23.28 billion in 2022 (N21.88 billion in 2021), Fidelity Bank N18.27 billion (N11.50 billion in 2021), and Stanbic IBTC N14.60 billion (N12.92 billion in 2021).
The debt-recovery agency received N12.84 billion in 2022 (N10.89 billion in 2021) from FCMB and N10.75 billion in 2022 (N8.66 billion in 2021) from Union Bank.
Sterling Bank paid N6.87 billion levy in 2022 (N5.54 billion in 2021) to AMCON, Wema Bank was charged N4.83 billion in 2022 (N3.91 billion in 2021), and Unity Bank’s levy was put at N3.44 billion in 2022 (N2.66 billion in 2021).
