As part of its efforts towards strengthening the Nigerian banking system, the Federal Government of Nigeria recently enacted the Asset Management Corporation of Nigeria Act 2010 (the Act). The Act, which established the Asset Management Corporation of Nigeria (the Corporation) to purchase non-performing loans from Nigerian banks in order to free up the banks' balance sheets, revive lending and restore confidence in the banks, also made substantial modifications to certain aspects of Nigerian substantive law including laws regulating companies, bankruptcy and securities.
January 28 2011