Nairalytics, a leading research firm, has reported that the Asset Management Corporation of Nigeria (AMCON) received a sum of N125.9 billion from 12 commercial banks listed on the Nigerian stock market as part of the Sector Resolution Funds in the first quarter of 2022.
The Sector Resolution Fund is part of the requirement of the AMCON (Amended) Act 2015, which mandates banks to make contributions to a fund established by the Asset Management Corporation of Nigeria Act, effective from January 1, 2013.
According to the provisions of the enabling Act, banks are required to contribute an equivalent of 0.5% of their total assets plus 0.5% of all contingent assets as of the preceding year-end to AMCON sinking fund in line with existing guidelines. The non-refundable contribution is for a period of 10 years and does not represent any ownership interest.
Nairalytics, which is the research an arm of Nairametrics, one of Nigeria’s leading online platforms, in its latest research findings further reported that AMCON’s bank charges increased by 29.5% from N97.18 billion paid in the corresponding period of 2021 to N125.9 billion in the review quarter.
Nairametrics, in its news report on the research findings published on Thursday the 12 banks include Access, GCMB, Fidelity, FBN, GTCo, Stanbic IBTC, Sterling, UBA, Union, Unity, Wema, and Zenith Bank.
The news report indicated that the increase in AMCON charge was attributed to the growth in the lenders’ aggregate assets totaling N61.23 trillion, representing 5.29% increase compared to the value in the beginning of the year. In 2021, the total assets of the banks peaked at N8.75 trillion, largely due to increased customer loans.
The Nairalytics’ data indicated that the 12 banks paid in excess of N1 trillion to AMCON between January 2017 and March 2022.
A further analysis of the research findings showed that First Bank Holdings paid AMCON N29.1 billion, representing the highest in the quarter, while Access Bank followed with N26.69 billion while Zenith Bank paid N21.4 billion as the third highest payer to the SRF.
In addition, the report reflected that GTCo and Stanbic IBTC followed in the list with N11.64 billion and N8.71 billion respective payments in Q1 2022, while their total assets stood at N5.49 trillion and N3.09 trillion.
