The Asset management Corporation of Nigeria on Wednesday denied claims that the corporation had taken over the ownership of Wema Bank.
According to the Head, Corporate Communications, AMCON, Mr. Kayode Lambo, the agency does not interfere with the running of the bank.
“AMCON does not have any impact on Wema Bank’s normal business. AMCON was established to help revive and stabilise the Nigerian economy by effectively resolving the non-performing loan assets in the Nigerian banking sector,” Lambo said.
Reports claimed that the Securities and Exchange Commission was considering final approval for application by Wema Bank Plc to source about N20.02bn from the AMCON.
The transaction, according to the reports, will see the emergence of the AMCON as the core investor in WEMA.
The Wema Bank had said its low capital base was a major drag in the reengineering of the bank. It posted a loss after tax of N5.04bn last year. Its capital base stood at N1.76bn by the period ended June 30, this year.