AMCON Recovers N165bn in H1 2026, Begins NTEL Divestment

By Adedapo Adesanya

The Asset Management Corporation of Nigeria (AMCON) recovered about N165 billion from bank debtors in the first half of 2026, representing a 64 per cent increase from the N107 billion recovered during the corresponding period of 2025.

The chief executive of AMCON, Mr Gbenga Alade, disclosed this during an interactive session with senior media executives in Lagos over the weekend.

He said the corporation also maintained a cost-to-recovery ratio of 2.3 per cent, describing it as evidence of the efficiency of its debt recovery operations.

As part of its broader asset recovery strategy, Mr Alade announced that AMCON has commenced the process of divesting its interest in telecommunications company, NTEL, which it rescued in 2024 after the company encountered severe financial difficulties.

He explained that the planned divestment follows the successful sale of the Ibadan Electricity Distribution Company (IBEDC) and aligns with AMCON’s strategy of maximising value from distressed assets while attracting credible strategic investors into the telecommunications business.

According to him, NTEL has already begun implementing a three-pronged transformation strategy designed to reposition the company as an attractive investment destination for global investors.

Mr Alade described the restructuring as one of AMCON’s most promising asset recovery initiatives and expressed confidence that it would become a major success story in Nigeria’s telecommunications sector.

“The repositioning effort is designed to maximise value, strengthen operational competitiveness and prepare the business for long-term sustainability under new investment,” Mr Alade said.

He also reaffirmed the corporation’s confidence in the leadership of NTEL/NATCOM.

“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 said.

Mr Alade added that AMCON would continue to provide updates on the divestment process as key milestones are achieved, reiterating the Corporation’s commitment to transparency.

The AMCON chief also announced that the corporation recently secured what he described as a landmark Supreme Court judgment that significantly strengthens its debt recovery powers

According to him, 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 that arose from the banking sector challenges of 2008.

He said the judgment also confirmed that AMCON is exempt from paying stamp duties and possesses 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 oars. We remain mindful of the various tactics employed by recalcitrant obligors to frustrate the corporation’s operations,” Mr Alade said.

Mr Alade also alleged that many of those advocating the winding down of AMCON are debtors attempting to frustrate its recovery efforts.

He maintained that decisions regarding AMCON’s sunset remain the responsibility of its Board and the Central Bank of Nigeria (CBN), stressing that the corporation remains focused on recovering outstanding debts on behalf of Nigerians.

Mr Alade further disclosed that AMCON has strengthened collaboration with debt recovery agents, solicitors and receiver managers through regular engagements and has reviewed the commission structure for its recovery partners in response to prevailing economic conditions.

NTEL, which emerged from the assets of the defunct Nigerian Telecommunications Limited (NITEL) after NATCOM acquired the company in 2015, has faced persistent financial and operational challenges over the years.

AMCON, which assumed full management control of the telecom operator in 2024, currently holds a 55 per cent controlling stake in the company. As part of its turnaround strategy, the Corporation reportedly injected N30.72 billion into NTEL in August 2025 to restore operational stability and position the company for long-term growth.