Union Bank of Nigeria,
one of the Nigerian lenders bailed out by the country’s central
bank in 2009, has received a capital injection of
NGN239bn ($1.56bn) from the Asset Management Company of
Nigeria (AMCON) for the purchase of toxic assets.
Funke Osibodu, Union
Bank’s MD/CEO said that the bank was in talks with a preferred core
investor regarding a further capital injection.
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On 14 January, rival Wema Bank said that
it received NGN15.2bn from AMCON following the sale of a portfolio
of non-performing loans.
Around NGN620bn was
injected into nine Nigerian banks – Afribank, Bank PHB, Equatorial Trust Bank,
Finbank, Intercontinental, Oceanic Bank, Spring Bank, Union Bank
and Wema – by the central bank in 2009.
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