Nigerian Senate approves board of state "bad bank"
Nigeria’s Senate on Wednesday approved President
Goodluck Jonathan’s 10 nominees for the board of a state-owned “bad
bank” to absorb the non-performing loans of nine lenders rescued in a $4
billion bailout last year.
Former Goldman
Sachs investment banker Mustafa Chike-Obi was confirmed as chief executive of
the Asset Management Company of Nigeria (AMCON) along with nine other board
members, Senate President David Mark said.
The central bank has said AMCON would begin the
process of buying up bad loans as soon as the board was approved.
REUTERS
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