The Asset Management Coporation of? Nigeria (AMCON) is in the process of selling the commercial lenders that it took over last year amid efforts to stabilize the country’s banking industry following a lending crisis, said central bank Governor Lamido Sanusi.
The state-owned Asset Management Corp. of Nigeria “will soon appoint local and international advisers for the sale, which will eventually lead to negotiations with the buyers,” Sanusi said at a conference today in Lagos, the commercial capital.
Nigeria’s government took over three lenders in August after they were deemed unable to meet the Central Bank of Nigeria’s recapitalization deadline following a 2009 lending crisis that threatened some banks in West Africa’s biggest economy.