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Nigeria "bad bank" reports $15 bln post-tax loss
December 14, 2012 / 11:06 AM / in 5 years

Nigeria "bad bank" reports $15 bln post-tax loss

LAGOS, Dec 14 (Reuters) - Nigeria’s state-backed “bad bank” AMCON reported a 2.37 trillion naira ($15 billion) loss after tax on Friday, three years after it was set up to absorb the bad debts of banks in the aftermath of a financial crisis.

The Asset Management Corporation of Nigeria (AMCON) also said it expects to conclude the privatisation of three banks in nationalised after the crisis, by mid-2014.

It added that Nigerian banks had agreed to increase their collective contributions to a post-crisis “sinking fund” used to refinance the bank’s bad debts to 100 billion naira, up from the 60 billion naira they had already put in. ($1 = 157.7500 naira) (Reporting by Chijioke Ohuocha; Writing by Tim Cocks)

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