Invitation to Bid at Asset Management Corporation of Nigeria (AMCON)

Posted by Future on Wed 13th Oct, 2021 -

Asset Management Corporation of Nigeria (AMCON) invites qualified and eligible bidders with sealed bids to submit bidding documents to tender for the following works:

Asset Management Corporation of Nigeria (AMCON) was established on the 19th July 2010, when the President of the Federal Republic of Nigeria signed the AMCON Act into Law. AMCON was created to be a key stabilizing and re-vitalizing tool aimed at reviving the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.

Applications are invited for:

Title: Invitation to Bid for Sale of Property

The Asset Management Corporation of Nigeria (AMCON) in fulfillment 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 property for sale to interested members of the public. Further details of the property available for sale, can be found on the following website:

Eligibility to Participate
To participate in the process, an interested party must meet the following criteria: 
  • Individual / Corporate entity must not be indebted to AMCON
  • Directors of interested companies must not be indebted to AMCON.
  • Individual must not be an AMCON employee, a relative of an AMCON employee or member of the Board of AMCON.
S/N Asset Address Asset Description Location Size
1 Okipp Factory Oku Iboku, Akwa Ibom State Commercial Akwa Ibom 422.03Ha
2 Ocean Bay Estate Lafiaji  Two (2) Residential 2 Lekki Epe Expressway, uncompleted semi-detached duplexes each consisting of 2 Lagos State units of 4 bedroom duplexes  Lagos 4787sqm 

Application Closing Date
12:00 noon Wednesday, 27th October, 2021.

Opening of Bids 
All bids submitted in Lagos will be opened at the AMCON office where the bids were submitted at 1.00pm, Wednesday, October 27th, 2021

  • 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.
  • 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. 
  • Conclusion of sale of some properties, due to size, may further be subject to higher authority approval.
Collection of Documents
Bid forms are available from the coordinating agent, Osy Kamalu & Associates: 09051331416,08036274306. Alternatively, please Click Here to download Form or request by emailing: , or
Submission of Bids
Bids for properties located in Akwa Ibom, Lagos must be sealed and submitted in the designated bid box at the: 
Asset Management Corporation of Nigeria (AMCON),

No. 67, Marina Street, 
Lagos Island, 
Lagos State.

Bidding Process 
  • A competitive bidding process has been adopted for the disposal of the properties. 
  • 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. 
  • The bid submission must be made in a sealed envelope with "Bid for Property" inscribed on the top left corner of the envelope. 
  • The Certified Bank Drafts and transferred funds of unsuccessful bidders will be refunded once the bidding process is concluded. 
  • 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.
  • Bids cannot be withdrawn or cancelled once submitted.
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 or email AMCON at:

Note: This publication and process neither creates any commitment nor establishes any binding or legal obligation on the seller. All costs incurred by prospective buyers as a result of responding to this advertisement and any subsequent request for information shall be on the prospective buyer's account.