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Commercial Banks’ Shareholders Panic Over N56.42 Billion Levies To AMCON

Shareholders of commercial banks in Nigeria have said that the huge levies paid to the Asset Management Corporation of Nigeria (AMCON) had stifled banks’ ability to lend.

They said that the shareholders’ funds were being eroded annually by the sustained operation of the Banking Sector Resolution Cost Fund as observed in the 2014 financial year.

Investigations showed that seven commercial banks contributed N56.42 billion to the AMCON in 2014.

Some of the shareholders who spoke in separate interviews in Lagos stated that banks’ contributions to the AMCON were making their stocks unattractive to investors due to dwindling and unimpressive dividends.

The national chairman, Progressive Shareholders Association of Nigeria (PSAN) Boniface Okezie, said that the shareholders were worried by the AMCON’s resolutions regarding what banks should contribute.

Okezie said that the banking stocks were no longer attractive to both local and foreign investors because of decreased dividends, concerns over regulatory penalties and threats to banks shareholders’ funds.

 

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