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ASSET MANAGEMENT CORPORATION OF NIGERIA (AMCON)

– SALE OF PROPERTIES BY AUCTION

ASSET MANAGEMENT CORPORATION OF NIGERIA (AMCON)
PROPERTIES FOR SALE

The Asset Management Corporation of Nigeria (AMCON) in fulfilment of its objectives and exercise of its statutory duty of efficiently resolving Eligible Bank Assets purchased from various eligible financial institutions in Nigeria, offers the following properties for sale to interested members of the public. Further details of the properties available for sale, can be found on the following website: www.amcon.com.ng

ELIGIBILITY TO PARTICIPATE:
To participate in the process, an interested party must meet the following criteria:
(i) Individual / Corporate entity must not be indebted to AMCON;
(ii) Directors of interested companies must not be indebted to AMCON: and
(iii) Individual must not be an AMCON employee, a relative of an AMCON employee or member of the Board of AMCON.

BIDDING PROCESS:
(i) A competitive bidding process has been adopted for the disposal of the properties.
(ii) Bid forms are available from the coordinating agent, Osy Kamalu & Associates: 09051331416, 08036274306. Alternatively, they can be downloaded from AMCON’s website www.amcon.com.ng under Asset Disposal Assets for Sale or requested by emailing amcon.disposals@amcon.com.ng; osykamaluassociates@gmail.com or osykamaluagency@gmail.com
(iii) Bid forms must be submitted alongside 10% of the bid amount in Certified Bank Drafts payable to the Asset Management Corporation of Nigeria or evidence of the transfer of 10% of the bid sum to AMCON via the Remita platform, details of which are provided with the bid forms. Where bank drafts are provided, please note that if the deposit sum exceeds N10million multiple certified bank drafts must be provided,
(iv) The bid submission must be made in a sealed envelope with “Bid for Property” inscribed on the top left corner of the envelope,
(v) The Certified Bank Drafts and transferred funds of unsuccessful bidders will be refunded once the bidding process is concluded.
(vi) The successful bidder will be required to pay the 90% outstanding balance of the bid price within 15 calendar days of the bid submission deadline, failing which the 10% deposit becomes non-refundable and the property can be offered to other buyers.
(vii) Bids cannot be withdrawn or cancelled once submitted.

SUBMISSION OF BIDS LAGOS:
(i) Bids for properties located in Lagos, Oyo and Ogun States must be sealed and submitted in the designated bid box at the following address:
Asset Management Corporation of Nigeria (AMCON)
67, Marina Street,
Lagos Island,
Lagos
(ii) The deadline for the submission of bids is 12:00 noon Wednesday, July 1, 2020
(iii) All bids submitted in Lagos will be opened at the AMCON Lagos office where the bids were submitted at 1.00pm Wednesday, July 1, 2020.

SUBMISSION OF BIDS ABUJA:
(i) Bids for properties located in Abuja, Enugu, Rivers, Delta, Kwara, Akwa Ibom and Benue States must be sealed and submitted in the designated bid box at the following address:
Asset Management Corporation of Nigeria (AMCON)
Plot 417, Tigris Crescent,
Off Aguiyi Ironsi Road,
Maitama
Abuja
(i) The deadline for the submission of bids is 10:00am Thursday, July 2, 2020
(ii) All bids submitted in Abuja will be opened at the AMCON Abuja office where the bids were submitted at 11:00am Thursday, July 2, 2020

OPENING OF BIDS:
(i) All bidders and / or their representatives are welcome to be present at the bid opening. The highest bid for each property will emerge the winner subject to the highest bid being equal to or above the reserve price. Results will be announced immediately after the conduct of the exercise.
(ii) In the event of a tied bid at the bid opening or where none of the bids match or exceed the reserve price, bidders will be required to submit fresh bids at the bid opening. The outcome of the fresh bid submissions will be announced at the bid opening.
(iii) Conclusion of sale of some properties, due to size, may further be subject to higher authority approval.

PROPERTY INSPECTION:
All interested bidders are invited to contact the Coordinating Agent, Osy Kamalu & Associates – 09051331416; 08036274306 for guided inspections of the properties and enquiries. The properties will be sold on an “as is” basis.
For further information and clarification please visit our website www.amcon.com.ng or email AMCON at amcon.disposals@amcon.com.ng.

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