Access, Zenith, UBA, FBN, and GTCO paid ₦552.72bn to Nigeria’s Asset Management Corporation, sparking shareholder debate over regulatory burdens.
Nigeria’s five largest banks collectively paid ₦552.72 billion in levies to the Asset Management Corporation of Nigeria (AMCON) during the first nine months of 2025 — a sharp rise that has reignited debate over regulatory costs in the country’s banking industry.
The payments, made by Access Holdings, Zenith Bank, FBN Holdings, Guaranty Trust Holding Company (GTCO), and United Bank for Africa (UBA), represent a 41.65 percent increase from the ₦390.2 billion remitted in the same period last year, according to an analysis of their unaudited financial statements.
The AMCON levy accounted for 21 percent of the banks’ combined operating expenses, highlighting the growing strain of regulatory obligations on Nigerian lenders. Under the AMCON (Amendment) Act of 2015, banks are required to pay 0.5 percent of total assets and off-balance-sheet items annually to fund the corporation’s operations.
Created in 2010, AMCON was designed to stabilize Nigeria’s financial system by absorbing toxic assets from distressed banks following the 2009 banking crisis. Its role was later expanded to manage non-performing loans and recover debts that posed systemic risks to the economy.
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A breakdown of the figures showed Access Holdings contributed the largest share, paying ₦154.33 billion, up nearly 38 percent from 2024. Zenith Bank followed with ₦143.84 billion, marking a 56 percent surge. FBN Holdings paid ₦110.83 billion, UBA contributed ₦92.89 billion, and GTCO remitted ₦50.85 billion.
The steep rise has stirred criticism among shareholder groups. Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria, described the continued levy as “a financial drain on performing banks.” He argued that AMCON “has largely fulfilled its mandate” and that the funds could be better used for expansion or dividends.
Similarly, Sunny Nwosu, founder of the Independent Shareholders Association of Nigeria, said the 0.5 percent charge was “eroding profitability” and discouraging investment. “Shareholders are groaning under low dividends while AMCON continues to collect huge levies from stable banks,” he said.
AMCON, however, defended the charge as critical to maintaining financial stability. The corporation noted that debt recovery efforts remain ongoing and warned that ending the levy prematurely could “reintroduce systemic risks” into Nigeria’s banking system.
As the debate intensifies, analysts say the balance between regulatory stability and profitability may determine the pace of growth in Nigeria’s financial sector.