E-Financial
MCON Forecloses further Purchase of Toxic Assets
Chike Obi, managing director, Asset Management Company of Nigeria (AMCON) has said that the have foreclosed further purchase of non-performing loans from the nation’s deposit money banks as their current ratio to risk assets is well below five per cent.
Obi who disclosed this at an interactive session with the media, in Lagos yesterday, however said that the system has been strengthened to mitigate the crisis it is currently battling with.
According to him, it is almost impossible now for banks to avoid examiners’ searchlight in dictating the unethical practices and poor corporate governance issues that reigned before now.
He pointed out that any record of increase in risk assets by a particular bank now, will as well be adjusted by the bank within the quarter of its operations, assuring that risk management in financial institutions has been firmed up.
“Besides, from the regulator to other stakeholder, including AMCON’s board and management, have agreed that there will not be further purchasÅe of non-performing loans. I am sure that it will not happen when I am still the Chief Executive of the institution,” he said.
Chike-Obi pointed out that the misconception over the sinking fund and attributing of its assets as public fund have also attracted the attention of the organization.
He stated that the sinking fund is deposited with the Central Bank of Nigeria and managed by same, in the settlement of banks’ liabilities, adding that AMCON has no link with the fund, not even the total pool so far.
He also noted that AMCON’s assets are factored into the total cost of non-performing loans, which the banks, together with the funds to be recovered will offset, saying that public funds can only arise from the excess that might result, when the bonds are totally redeemed.
Chike-Obi reiterated that the intervention was ultimately in the interest of the banks and the economy, challenging any of the nation’s lenders to prove his claims wrong by showing evidence that they were better off before the bailout.
He pointed out that the intervention not only benefited banks, but also companies and private sector initiatives that would have collapsed and throwing more thousands into the labour market.
Chike-Obi, said the $31 million aircraft, currently being priced $28 million, would be represent a $3 million loss, adding that the loss was not deliberately incured.
It would be recalled that AMCON put down $27 million to complete the transaction on the aircraft, initiated by an undisclosed debtor of a bank, a move that was aimed at getting a hold on the initial deposit of $4 million made to the seller by the debtor.
The decision was made when it was obvious that the manufacturer would not release the $4 million already deposited and there was no other asset to lay hold on from the debtor.
The AMCON chief, who admitted that the decision was a costly mistake, explained that the agency did not envisage the unfolding difficulties that now hamper the smooth sale of the Jet, after the injection of the huge sum.
He also debunked allegations of serious infractions at Mainstreet Bank- one of the bridged banks, saying that if there is any, he is not aware and that the CBN’s Banking Supervision Department would have also raised alarm.
“We must take every allegation with a sense of responsibility. For me, I am not aware of any serious infractions and do not think there is
Speaking on the continuous operations of the bank’s subsidiaries, he said the regulator decided to let it remain operational until the new investor is unveiled to decide what to do with them.
Kuda Microfinance Bank has unveiled the 2025 edition of “My Year on Kuda,” its annual recap providing customers with personalised insights into their spending, saving, and money management habits from the previous year.
Kuda Microfinance Bank
The tool analyses transaction data across categories like transfers, card payments, online purchases, and bills, revealing patterns such as highest-spending months, biggest payments, saving frequency, and savings from Kuda’s 25 free monthly transfers. Customers can compare 2025 activity against 2024, including income versus expenditure.
In an era of inflation and economic uncertainty, the recap promotes financial literacy by highlighting responsible borrowing via Kuda Overdraft usage, including access frequency, amounts borrowed, and repayment patterns.
Customer-shared screenshots on X reflect national trends: Nigeria recorded over 2.2 billion electronic transactions worth ₦285 trillion in Q1 2025, up 20 percent year-on-year, with POS terminals driving the shift to cashless commerce.
Kuda Group CEO Babs Ogundeyi, in the recap’s opening video, urged users: “Before you carry on with January, this is the perfect time to see everything you did with your money on Kuda last year and learn something.”
The feature underscores Kuda’s focus on actionable insights to help Nigerians navigate evolving personal finance amid shifting earning and spending behaviours.
Wema Bank has introduced SAW, a new AI voice assistant integrated into the ALAT 2.0 app, allowing customers to manage finances through natural voice commands similar to Siri, Bixby, or Alexa.
Wema Bank
SAW understands everyday language and delivers instant responses tailored to banking needs, such as checking account balances, transferring money, reviewing transactions, and accessing support.
This feature brings conversational banking to Nigerian users, eliminating complexity and enhancing accessibility.
The bank positions SAW as a pioneer in AI-powered financial services, aligning with global trends where millions interact daily with voice assistants for tasks like setting reminders or playing music.
ALAT 2.0 represents the next evolution in digital banking, making services more efficient, personal, and human-like for everyday Nigerians.
Ecobank Nigeria Limited has fully repaid bondholders who validly tendered their notes ahead of the February 2026 maturity date.
The bank announced the successful completion of its tender offer, under which it prepaid approximately $245 million of its $300 million Eurobond, representing more than 80 per cent of the total issuance.
According to a statement, the transaction relates to the 7.125 per cent Senior Note Participation Notes due February 2026.
Ecobank Nigeria Limited said it launched a tender offer to eligible noteholders in respect of the outstanding $150 million on the bond on November 27, 2025, providing them with an opportunity to redeem their holdings ahead of the original maturity date of 16 February 2026.
It stated that the early and late tender participation deadlines were 11 December 2025 and 29 December 2025, respectively.
According to the bank, holders of notes validly tendered and accepted received a cash consideration of $1,000 per $1,000 in principal amount, in addition to accrued interest from the last interest payment date up to, but excluding, the final settlement date of 31 December 2025.
Following completion of the offer, the bank said the outstanding principal amount of the notes has been reduced to approximately $55.092 million.
The bank also stated that the initiative reflects Ecobank Nigeria’s proactive approach to liability management and prudent balance sheet optimisation.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the $300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria Limited.
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