Nigeria's AMCON takes over 3 nationalised banks

August 6, 2011 15:39


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LAGOS - Nigeria's state asset management firm AMCON has signed an agreement to take over three nationalized banks that failed to recapitalize after a $4 billion bailout in 2009, its chief said on Saturday.

"The primary objective is to stabilize the banking system ... AMCON will now supervise the management of these banks," AMCON head Mustapha Chike-Obi told reporters at a conference in the commercial hub Lagos.

The central bank deputy governor said recapitalization agreements signed with investors by four of the other rescued banks would solve around 80 percent of the banking crisis.

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