Banks' AMCON levy hits N733bn as Access, Zenith, FBN top list

By

Ten commercial banks listed on the Nigerian Exchange paid a combined N732.98bn to AMCON in the 2025 financial year. That is 47.07% higher than the N498.39bn they paid in 2024.

The AMCON levy accounted for about 17.10% of the banks' combined operating expenses, which stood at N4.29 trillion during the period. The 10 banks analysed are Access Holdings, UBA, Zenith Bank, FBN Holdings, GTCO, Fidelity Bank, Stanbic IBTC, FCMB, Wema Bank and Sterling Financial Holdings.

Access, Zenith, FBN lead contributions

Access Holdings paid the highest AMCON levy, contributing N154.33bn in 2025. That was a 37.51% increase from the N112.20bn paid in 2024.

Zenith Bank followed with N142.59bn, up 54.66% from N92.21bn in 2024. The Tier-1 lender remained one of the largest contributors to the corporation's annual levy.

FBN Holdings ranked third with N130.53bn. That was a 74.35% increase from the N74.87bn contributed in 2024, one of the largest year-on-year jumps among the banks.

Payments by other banks

UBA paid N94.33bn, up 31.18% from N71.91bn in the previous year. That was the fourth-highest contribution.

Fidelity Bank contributed N50.99bn, compared with N35.47bn in 2024. The rise was 43.75%.

GTCO paid N50.85bn, a 38.73% increase from N36.66bn recorded in 2024.

Stanbic IBTC contributed N36.39bn, up 38.40% from N26.29bn. FCMB paid N35.17bn, up 60.39% from N21.93bn.

Wema Bank contributed N19.86bn, up 55.31% from N12.79bn. Sterling Financial Holdings recorded the lowest payment among the 10 institutions at N17.94bn, still 27.66% higher than the N14.05bn paid in 2024.

Why the levy is rising

AMCON was set up in 2010 after Nigeria's banking crisis to acquire non-performing loans from troubled banks, restore confidence in the financial system and prevent a wider banking crisis. The corporation is funded mainly through annual contributions from banks, currently pegged at 0.5% of total assets and off-balance-sheet exposures under the AMCON Amendment Act.

The sharp increase in levy payments has renewed calls from shareholders, analysts and industry stakeholders for a review of AMCON's funding structure and a clear exit strategy. Industry observers say the rise reflects the expansion of bank balance sheets amid naira depreciation, inflationary pressures and the Central Bank of Nigeria's recapitalisation requirements.

Critics argue that the growing levy has become a major financial burden for banks, especially institutions that were not responsible for the bad loans that led to AMCON's creation.

For Nigerian businesses and consumers, the rising AMCON charge feeds into banks' operating costs, which can influence lending rates and service pricing. With the CBN also pushing banks to raise capital, the pressure on the banking sector's bottom line is expected to remain a key talking point in 2025.

Forex News

Remittances Surge Towards $1bn Monthly Target, Raising Hopes for Naira Stability
ABOKI FOREX
Dutch central bank shifts 86 tonnes of gold to London over geopolitical unrest
ABOKI FOREX
Trump calls Canada-US exchange rate 'unacceptable' as tariff war escalates
ABOKI FOREX
Dangote refinery gets SEC approval for N525 per share IPO
ABOKI FOREX
Naira heads for strongest run since 2018 as reserves hit $53.99bn
ABOKI FOREX
Global Bond Yields Surge, Triggering Higher Fixed Mortgage Rates in Canada
ABOKI FOREX
Naira appreciates to N1,315/$ at official market, strongest since EFEMS introduction
ABOKI FOREX
Nigeria's External Reserves Hit $54bn, Highest in 18 Years
ABOKI FOREX
Cash outside banks drops N118.67bn to eight-month low
ABOKI FOREX
NELFUND: No life imprisonment for unpaid student loans, repayment starts after NYSC
ABOKI FOREX