- Banks: Non-performing Loans Drop to N1.79tn
The Central Bank of Nigeria on Wednesday revealed that the total non-performing loans of Nigerian banks declined to N1.79 trillion in 2018.
This was lower than the N2.36 trillion non-performing loans recorded for 2017 when gross loans in the banking sector were N15.96 trillion.
The apex bank put total loans at N15.35 trillion as at the end of 2018, while loans after specific provisions was N13.56 trillion.
Meanwhile, Mr Ahmed Kuru, the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON) has said the total eligible bank assets of AMCON portfolio in the hands of debtors stood at N740 billion.
Kuru said, “It is a well-known fact that AMCON has a unique and limited mandate; therefore, AMCON must maximise every opportunity to state its cases with the highest quality of representation, which was why we came up with the AMP programme that has been of tremendous development in our efforts to recover debts owed the country by a few individuals who have over the years remained recalcitrant,” he said.
The AMPs are firms AMCON partnered in 2016 to aid its debt recovery process.