Sunday 19 November 2017

NAMA imitation is greatest form of flattery Things fall apart, and not just in Ireland.

The Punt hears that Nama's Frank Daly and Brendan McDonagh have been hosting their latest high-level delegation of international visitors keen to learn how the two boys on Grand Canal Street do it.

Having recently advised the Spanish government on its bad bank, the Nama team is now being seen as a model for Nigeria's banking rescue.

We hear that's why the chairman and chief executive of the Asset Management Corporation of Nigeria – Aliyu Kola Belgore and Mustafa Chike-Obi – accompanied by a large delegation of senior staff and board members, were to be seen among the more usual mix of property and finance movers and shakers getting in an out of cars at the ever busy taxi-rank outside Nama HQ in Dublin 2.

AMCON was set up in 2010 to stabilise and re-vitalise the Nigerian Financial system by working through the non-performing loan portfolios of Nigeria's domestic banks and it currently manages around €20bn in assets.

The model for the agency is understood to be similar to our own Nama, no doubt to the satisfaction of Mssrs Daly and McDonagh.

Of course the agencies operate in very different economies – one is a basket case economy with a well-earned reputation for political corruption and inter-tribal strife, the other is a large African federation.

Still, imitation is the greatest form of flattery, and what with the big push for export-led growth we might yet make a profit on Nama, if not from the dodgy loans it holds maybe we can just franchise the business abroad.

Ends

Irish Independent

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