The Nation Newspaper AMCON reports 28.8% decline in total assets for 2023
According to the financial performance report released by the corporation, total assets dropped by 28.8 percent, from N1.513 trillion in 2022 to N1.076 trillion in 2023.
The Nigerian banking sector faced a severe financial crisis in 2008 and 2009, partly triggered by the global financial crisis, leading to the establishment of AMCON. This growth was significantly driven by fair valuation gains on Eligible Bank Assets , which surged to N40.9 billion in 2023 from a loss of N187.9 billion in 2022.
During the same period, the corporation achieved a reduction in total liabilities, decreasing from N6.282 trillion in 2022 to N5.739 trillion in 2023. This reduction was primarily due to the repayment of a N500 billion loan from the Central Bank of Nigeria .
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