AMCON Denies Taking Over Wema Bank

The Asset management Corporation of Nigeria (AMCON) on Wednesday denied claims that the corporation had taken over the ownership of Wema Bank.

According to Kayode Lambo, the Head of Corporate Communications at AMCON, the agency does not interfere with the running of the bank. “AMCON does not have any impact on Wema Bank’s normal business. AMCON was established to help revive and stabilise the Nigerian economy by effectively resolving the non-performing loan assets in the Nigerian banking sector,” Mr. Lambo said.

Reports claimed that the Securities and Exchange Commission was considering final approval for application by Wema Bank Plc to source about ₦20.02 billion from AMCON. The transaction, according to the reports, will see the emergence of the AMCON as the core investor in WEMA.