Nigeria’s biggest banks are grappling with rising costs tied to the Asset Management Corporation of Nigeria (AMCON) levy, which surged to a combined N442 billion in the first half (H1) of 2025, even as profits weakened under mounting funding costs and slower loan growth.
Zenith Bank Plc, United Bank for Africa (UBA), and six other Nigerian banks saw a 34 percent rise in AMCON levy from N330 billion recorded in the same period of 2024, even as the sector contends with a sharp decline in revaluation gains which slashed earnings.
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