The Asset Management Corporation of Nigeria, AMCON, has concluded its intervention in the banking industry, retrieving in the process its series V Zero-Coupon Bonds valued at N976, 042,060,000 as at October 2014.

AMCON redeemed its issued Series I, II, III and IV Bonds in December 2013 and has now fully retired a total of N1, 874,379,519,000 of all Bonds issued since inception. This puts it ahead of its planned redemption schedule, as all its publicly held Bonds have been redeemed before the end of its 4th full year of operations.

The Series V redemption was financed utilizing AMCON’s internally generated cash flows and the Banking Sector Resolution Trust Fund, the Sinking Fund. The Sinking Fund is funded by annual contributions from Nigerian Deposit Money Banks and the Central Bank of Nigeria, CBN.

Mofoluke Dosumu, executive director, Finance & Corporate Services/CFO of AMCON said that the Redemption represents a major milestone in the reduction of AMCON’s obligations, as it signifies the retirement of all AMCON bonds held by the public markets. “We will continue to make good progress with respect to our obligations to the Central Bank of Nigeria, presently the sole holder of AMCON’s outstanding debt obligations,” Dosumu said.