AMCON recovers N165 billion in H1 2026, set to divest from NTEL

The Asset Management Corporation of Nigeria (AMCON) has recovered approximately N165 billion from bank debtors in the first half of 2026.

This represents a 64% increase from the N107 billion recovered during the corresponding period of 2025.

Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, disclosed this during an interactive session with senior media executives in Lagos over the weekend, adding that the Corporation has maintained a cost-to-recovery ratio of 2.3%, which he said reflects the efficiency of its debt recovery operations.

Alade also disclosed that the Corporation has begun the process of divesting its interest in telecommunications company NTEL, which it rescued in 2024 after the company ran into serious financial trouble.

The Corporation said the planned divestment follows the successful sale of the Ibadan Electricity Distribution Company (IBEDC) and forms part of its strategy to maximise value from distressed assets while attracting credible strategic investors into the telecoms business.

What the AMCON boss is saying

Alade said NTEL has begun implementing a three-pronged transformation strategy aimed at repositioning the company as an attractive investment destination for global investors.

He described the ongoing transformation as one of AMCON’s most promising asset recovery initiatives, expressing confidence that it would become a major success story in the telecommunications sector.

• “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 has confidence in the Board and Management of NTEL/NATCOM, noting that their experience and commitment have laid a strong foundation for the company’s next phase of growth.

• “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.

Alade said AMCON would provide further updates on the divestment process as key milestones are achieved, reiterating the Corporation’s commitment to transparency.

Supreme Court ruling strengthens recovery powers

Alade also announced that AMCON recently secured what he described as a landmark Supreme Court judgment that strengthens the Corporation’s 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 arising from the banking sector challenges of 2008.

He said the court also ruled that AMCON is exempt from paying stamp duties and confirmed that the Corporation has the statutory authority to dispose of collateral assets to recover outstanding debts, regardless 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,” Alade said.

Responding to calls for AMCON’s closure, Alade alleged that many of those advocating the winding down of the Corporation are debtors seeking to frustrate its recovery efforts.

He maintained that decisions on AMCON’s sunset remain the responsibility of its Board and the Central Bank of Nigeria, adding that the Corporation remains focused on recovering outstanding debts on behalf of Nigerians.

Alade also said AMCON has continued to strengthen collaboration with debt recovery agents, solicitors and receiver managers through regular engagements and has reviewed the commission structure for recovery partners in response to prevailing economic conditions.

What you should know

NTEL, an offshoot of the old Nigerian Telecommunications Limited (NITEL), has been through many troubled waters since 2015 when NATCOM took over NITEL’s assets.

AMCON, which took full management control in 2024, currently holds a 55% controlling stake in the company.

The Corporation has been spearheading the company’s restructuring to restore operational stability. In August 2025, AMCON reportedly injected N30.72 billion into NTEL as part of its broader turnaround program.