- Corporation pegs bid deposit at 10%, bars debtors, staff, board members from participating
The Asset Management Corporation of Nigeria (AMCON) has thrown open the sale of 10 landed properties spread across seven states, in a fresh push to recover eligible bank assets acquired from troubled financial institutions.
In a public notice published yesterday, the corporation said the disposal is in fulfilment of its statutory mandate of efficiently resolving eligible bank assets purchased from various financial institutions across the country, and invited interested members of the public to bid.
The properties, which range from moribund factories and sprawling farmland to warehouses, undeveloped land and lock-up shops, are located in Abia, Cross River, Nasarawa, Imo, Ogun, Lagos and Enugu states.
Abia State accounts for the largest share of the offer, with three assets on the block. They include a commercial property on Umuaduru Road, Osisioma Industrial Layout, off the Enugu-Port Harcourt Expressway in Aba, which sits on about 9,102 square metres and features eight developed structures, among them a gate house, canteen, laboratory, main production line, generator house, waste recycling unit, warehouse and an administrative block.
Also up for sale in Aba are a moribund sachet-water factory on Umuigwe Road covering roughly 1,911 square metres, and a mixed residential, commercial and institutional building off Faulks Road, near notable landmarks such as Boys’ Technical College and Star Oil, comprising a block of six flats, a three-bedroom bungalow and a gatehouse on about 865 square metres.
In Cross River State, the corporation is offering an agro-allied plantation and timber-processing farmland at Obam, Akamkpa, described as a facility designed to produce freshly harvested pineapple alongside a fully equipped sawmill workshop, preheat house, packing house and mechanical workshop.
Other assets include a property divided into two blocks of apartments on Wakili Street, Kabir Street area of Karu, Nasarawa State, sitting on about 3,220 square metres; a moribund plastic factory formerly used as a brewery warehouse at Km 4, Old Orlu Road by Akwakuma Roundabout, Egbeada, Owerri, Imo State; and a moribund plastic factory on Mowe Ofada Road, Arogun Village, Ogun State, spread across about 10,330 square metres.
In Lagos, AMCON listed an undeveloped 3,600-square-metre parcel of land at Ogombo town, behind Lekki Gardens Phase 1. Enugu State rounds off the offer with 19 lock-up shops on Brodericks Street, Ogbete Layout, Coal Camp, and a purpose-built commercial-industrial property at 1, Hoval Avenue, 9th Mile Corner, measuring roughly 6,927 square metres.
Spelling out the terms of participation, the corporation said prospective bidders must not be indebted to AMCON, must not be directors of companies indebted to it, and must not be AMCON employees, their relatives, or members of the corporation’s board.
Under the bidding process, interested parties are required to submit their offers alongside a 10 per cent deposit in certified bank drafts, with bidders quoting ₦500 million and above permitted to provide an irrevocable bank guarantee issued by a Tier 1 or Tier 2 Nigerian bank in lieu of the deposit. AMCON stressed that all bids must comply fully with its Know Your Customer (KYC) requirements and be submitted in sealed envelopes marked “Bid Description of Property.”
The corporation fixed the deadline for the submission of all bids at 4:00 p.m. on Monday, August 17, 2026. Bids for properties in Lagos and Ogun are to be dropped in the designated bid box at AMCON’s reception office at 67, Marina Street, Lagos Island, while bids for the Abia, Cross River, Enugu and Nasarawa properties are to be submitted at Plot 417, Tigris Crescent, off Aguiyi Ironsi Road, Maitama, Abuja.
AMCON said bids would be opened a day after submission, with successful bidders required to pay the outstanding 90 per cent balance of the bid price within 15 days of the offer letter, failing which the 10 per cent deposit would become non-refundable and the property re-offered.
The corporation, which said the properties would be sold on an “as-is” basis, named Osy Kamalu & Associates and Tope Ojo & Tunde Olonisakin as coordinating agents for the exercise, and directed interested members of the public to its website, www.amcon.com.ng, for further details.
It, however, clarified that the publication neither creates any commitment nor establishes a binding or legal obligation on the seller, adding that all costs incurred by prospective buyers in responding to the notice would be borne by the buyers themselves.
