As we go through this article, we will look at the AMCON salary structure in Nigeria for this year 2023. We will also go over what the Asset Management Corporation of Nigeria (AMCON) is all about, as well as the breakdown of how much AMCON pays in salaries to some of its select employees in Nigeria each month. This most recent list of the Asset Management Company Of Nigeria compensation structure will offer you with the most up-to-date information, ranging from the lowest level personnel to those at the top.
ASSET MANAGEMENT CORPORATION OF NIGERIA (AMCON): COMPANY OVERVIEW
The Asset Management Corporation of Nigeria (AMCON) was founded on July 19, 2010, when the President of the Federal Republic of Nigeria signed the AMCON Act into Law. AMCON was established as a crucial stabilizing and revitalizing mechanism aimed at restoring the financial system by quickly addressing the Nigerian economy’s non-performing loan assets. The concept of establishing AMCON is similar to that of the Republic of Ireland’s National Asset Management Agency and Malaysia’s Pengurusan Danaharta. By acquiring non-performing loans (NPL), the entity served as a buyer of banks for the Nigerian government. The acquired NPLs had an original book value of ₦4.02 trillion for a price of ₦1.76 trillion, with a comparable issuing of Zero Bonds.
As a result of the global financial crisis and domestic developments, the federal government of Nigeria formulated the notion for the establishment of a body to avoid the country’s impending financial disaster through the Central Bank of Nigeria. At the time of its formation, the organization recognized ten banks with system asset crises and responded by injecting $736 billion in liquidity to purchase up their assets. Only three banks, Mainstreet Bank, Keystone Bank, and Enterprise Bank, were unable to meet the requirements and were eventually bought by AMCON and branded as Bridged Banks.
In the year 2013, the International Monetary Fund’s management encouraged the Federal Government of Nigeria to halt AMCON activities in order to avoid future financial difficulties. President Muhammadu Buhari fired the organization’s founding Managing Director because the President considered the sales of acquired banks lacked transparency. President Mohammadu Buhari signed the Asset Management Corporation of Nigeria (Amendment No. 2) Act 2019 on August 7, 2019, as part of his attempts to strengthen AMCON (AMCON Act 2019). The AMCON Act of 2019 modifies the AMCON Act of 2010, which was originally revised in 2015. Despite the excellent intentions that prompted the revisions, the AMCON Act 2019 is riddled with constitutional violations and violations of democratic principles.
The vision of the Asset Management Corporation Of Nigeria is to be a key stabilizing and re-vitalizing tool in the Nigerian economy, while AMCON’s mission is to positively impact and improve the economy of Nigeria by:
- Complementing the recapitalization of affected Nigerian banks
- Providing an opportunity for banks to sell off Non Performing Loans(NPLs)
- Freeing up valuable resources and enabling banks focus on their core activities, and
- To propel the lending ideology in banks again.
ASSET MANAGEMENT CORPORATION OF NIGERIA (AMCON) SALARY STRUCTURE IN NIGERIA 2023
In this part, we will go over the Asset Management Corporation of Nigeria (AMCON) salary scale in Nigeria for this year 2023, and we will look at the monthly salaries of corpers, entry level/junior staff members at AMCON, and senior staff members at the Asset Management Corporation of Nigeria. Let us see what they earn without further ado:
AMCON SALARY STRUCTURE FOR CORPERS IN NIGERIA
On the average, the monthly salary scale of corpers/Corps members at the Asset Management Corporation of Nigeria (AMCON) is between the pay range of ₦25,000 – ₦30,000. This means that in a year, AMCON pays their corpers a salary in the region between the pay range of ₦300,000 – ₦360,000
AMCON SALARY STRUCTURE FOR ENTRY LEVEL/JUNIOR STAFF MEMBERS IN NIGERIA
Entry level employees/junior staff members at the Asset Management Corporation Of Nigeria (AMCON) are paid a monthly salary between the pay scale of ₦55,000 – ₦60,000, and this translates to the sum of ₦660,000 – ₦720,000 per year. This compensation structure is for junior cadre employees who joined AMCON with school certicate (WAEC/NECO). Their salaries increase with time as they are promoted and this can only happen if they advance their educational qualifications.
AMCON SALARY STRUCTURE FOR SENIOR STAFF MEMBERS IN NIGERIA
Senior staff members or graduate employees at AMCON are paid starting monthly salaries between the pay scale of ₦95,000 – ₦150,000, and this means that they are rewarded with a pay packet of ₦1.1 million – ₦1.8 million per year. Their salaries are subject to increase with time due to promotions and as they advance in their academic qualifications. Allowances and bonuses also significantly improves their monthly earnings.