AMCON
Elegbede Abiodun
The Asset Management Corporation of Nigeria (AMCON) said it recovered about N165 billion in outstanding debts in the first half of 2026, representing a 64 per cent increase from the N107 billion recovered during the corresponding period of 2025, as it intensifies efforts to maximise value from distressed assets and reposition key investments for divestment.
The corporation also announced that it had commenced the process of divesting its interests in NTEL/NATCOM, following the successful sale of the Ibadan Electricity Distribution Company (IBEDC), as part of efforts to attract credible strategic investors into the telecommunications company.
Speaking during an interactive session with journalists in Lagos at the weekend, managing director and chief executive of AMCON, Gbenga Alade, said the corporation maintained a cost-to-recovery ratio of 2.3 per cent during the review period, reflecting improved efficiency in its debt recovery operations.
He said the planned divestment of NTEL aligns with AMCON’s statutory mandate of maximising value from distressed assets while supporting economic growth and strengthening confidence in Nigeria’s financial system.
According to Alade, NTEL, the successor company to the defunct Nigerian Telecommunications Limited (NITEL), is currently undergoing a comprehensive three-pronged transformation strategy designed to enhance its operational competitiveness and position it as an attractive investment destination for world-class investors.
He described the ongoing transformation as one of AMCON’s most promising asset recovery and investment success stories, expressing confidence that the repositioning would unlock greater value from one of Nigeria’s legacy telecommunications assets.
“The repositioning effort is designed to maximise value, strengthen operational competitiveness and prepare the business for long-term sustainability under new investment,” Alade said.
He added that AMCON had full confidence in the Board and Management of NTEL/NATCOM, noting that their experience, innovation and commitment have laid a solid foundation for the company’s next phase of growth.
“The remarkable transformation of NTEL is poised to become one of AMCON’s most notable success stories in the telecommunications sector. We have full confidence in the Board and Management of NTEL/NATCOM as they continue to demonstrate experience, innovation, diligence and commitment towards positioning this Nigerian-owned company to compete favourably with its peers both locally and internationally,” he stated.
Alade assured that further updates on the divestment process would be communicated as critical milestones are achieved, stressing that the exercise would be conducted in a transparent and structured manner.
Beyond asset sales, the AMCON boss disclosed that the corporation recently secured what he described as a landmark Supreme Court judgment that would significantly strengthen debt recovery efforts in the country.
He explained that the apex court affirmed that the AMCON Act constitutes a special legal regime that should be interpreted purposively because the corporation was established to address the financial crisis arising from the systemic banking challenges of 2008.
According to him, the court also ruled that AMCON is exempt from the payment of stamp duties and confirmed that the corporation has the statutory authority to dispose of collateral assets to recover outstanding debts, irrespective of the size of an obligor’s indebtedness.
“While we celebrate this landmark judgment and several other legal successes, we are not resting on our laurels. We remain mindful of the various tactics employed by recalcitrant obligors to frustrate the Corporation’s operations,” he said.
Responding to calls for the winding down of AMCON, Alade alleged that many of those advocating the corporation’s closure are debtors seeking to frustrate its recovery efforts.
He maintained that decisions regarding AMCON’s sunset remain the exclusive responsibility of its Board and the Central Bank of Nigeria (CBN), adding that the corporation remained focused on recovering outstanding debts on behalf of Nigerians.
Alade further disclosed that AMCON has strengthened collaboration with debt recovery partners, solicitors and receiver managers through regular engagements aimed at improving understanding of the provisions of the AMCON Act and enhancing recovery outcomes.
He added that the corporation has also reviewed the commission structure for debt recovery agents and partners in response to prevailing economic realities, expressing confidence that the renewed incentives would further boost recovery in the months ahead.
