January 14, 2026
AMCON

Banks’ payments to the Asset Management Corporation of Nigeria (AMCON) sinking Fund are expanding even amid criticism from shareholders who have a conviction that such a deduction undermines their returns.

For instance, for the year ended December 2024, the ten largest banks collectively paid N503.82 billion in AMCON charges to the Apex bank in 2024, which represents 52.56 percent higher than 2023’s N330.28 billion, according to data gathered by MoneyCentral.

The banks covered in the review are United Bank for Africa (UBA) Plc, Zenith Bank Plc, Guaranty Holdings Plc, First Bank Plc, Fidelity Bank Plc, Access Bank (nine months numbers), Sterling Bank Plc, First City Monument Bank Plc, WEMA Bank, Stanbic IBTC Holdings, and Sterling Bank.

The levy represents banks’ contribution to a fund established by the AMCON Act to help AMCON in generating funds to extinguish its liability following the mop up of toxic assets held by banks in the aftermath of the 2008/2009 meltdown.

By the AMCON Act establishing the Sinking Fund, the banks are required to contribute an equivalent of 0.5% of their total assets plus 0.5% of all contingent assets as at the preceding year end to AMCON’s sinking fund in line with existing guidelines.

The Act became effective on January 1, 2013.

The contribution, according to the Act, is for a period of 10 years from the effective date of 1 January 2013. It is non-refundable and does not represent any ownership interest.

Shareholders are of the view that the Bad bank has served its purpose and it should be scrapped as they are losing a lot of money in the form of dividend.

They added that the government should bankroll the agency, not lenders who work hard for their money.

A breakdown of resolution costs shows Zenith Bank paid N92.20 billion in resolution costs as at December 2024, which is 60.68 percent from N57.38 billion as at December 2023.

First Bank incurred N80.02 billion in AMCON charge in 2024, which is 56.55 percent higher than 2023’s N51.12 billion.

United Bank for Africa (UBA) paid N71.91 billion in AMCON charge for the year ended December 2024, a 78.16 percent increase from 2023’s N40.36 billion.

Stanbic IBTC paid N26.26 billion in resolution costs in  2024, which is 26.26 percent higher than 2023’s N15.38 billion.

320 thoughts on “Shareholders laments N503.82bn banks payment to AMCON over sinking funds”

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