Senate Moves Closer To Creating Nigerian Asset Management Company

San Francisco March 10, (THEWILL) – The Nigerian Senate moved closer to passing the bill that would create the Nigerian asset management company (AMC) which will in-turn soak up toxic bank loans in the financial sector.

The bill went through its second reading on Wednesday at the Senate chamber.

The AMC is expected to absorb toxic assets in banks rescued in the 2009 bailout so that they can have clean balance sheets, resume lending to businesses and raise capital through investors.

It will be debated at a public hearing before it faces its final reading in the Senate.

The Central Bank of Nigeria expects the AMC to be up and running before the third quarter of this year.