Nigeria’s bad bank comes to life

goodluck-jonathan

Goodluck Jonathan, Nigeria's President, on Monday signed the Asset Management Corporation of Nigeria (Amcon), the country's bad bank, into law.

The body, which is expected to be operational by the end of September, will take toxic loans off the balance sheets of Nigerian banks, which were brought to their knees when the sector collapsed late last year. It will also provide injections of tier one and two capital, if required by lenders. "The establishment of Amcon is a reflection of the governmen

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