The Asset Management Corporation of Nigeria (AMCON) is looking to strengthen its debt recovery drive by divesting its interests in telecommunications giant NTEL, following the recovery of N165 billion in distressed assets during the first half of 2026.
Gbenga Alade, Managing Director and Chief Executive Officer of AMCON, disclosed this during an interactive session with senior media executives in Lagos at the weekend. He said the planned sale of NTEL/NATCOM follows the successful divestment of the Ibadan Electricity Distribution Company (IBEDC) and forms part of the Corporation’s strategy to maximise value from distressed assets while attracting credible strategic investors.
According to Alade, AMCON has commenced a transparent and structured divestment programme for NTEL, the successor company to the defunct Nigerian Telecommunications Limited (NITEL), after repositioning the company through a comprehensive three-pronged transformation strategy.
He described the transformation of NTEL as one of AMCON’s most promising asset recovery and investment success stories, expressing confidence that the telecommunications company has been repositioned to attract world-class investors.
“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 the revitalisation of NTEL represented a significant milestone in unlocking the value of Nigeria’s legacy telecommunications assets, noting that the infrastructure remains an important part of the country’s telecom history.
“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 said.
Alade said AMCON would continue to provide updates as the divestment progresses, reaffirming the Corporation’s commitment to transparency throughout the exercise.
The AMCON boss also highlighted the Corporation’s improved operational performance, revealing that it recovered approximately N165 billion between January and June 2026, representing a 64 percent increase over the N107 billion recovered during the corresponding period of 2025. He added that the Corporation maintained a low cost-to-recovery ratio of 2.3 percent, reflecting improved efficiency in its recovery operations.
According to him, the telecommunications divestment aligns with AMCON’s statutory mandate to maximise value from distressed assets, support economic growth and strengthen confidence in Nigeria’s financial system.
Alade also announced that AMCON recently secured what he described as a landmark Supreme Court judgment that would have far-reaching implications for debt recovery in Nigeria.
He said the apex court affirmed that the AMCON Act constitutes a special legal regime that should be interpreted purposively, given that the Corporation was established to address the financial crisis arising from the systemic banking challenges of 2008.
The Supreme Court also ruled that AMCON is exempt from the payment of stamp duties and confirmed that, regardless of the size of an obligor’s indebtedness, the Corporation has the statutory authority to dispose of collateral assets in enforcing its rights and recovering outstanding debts.
“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 by some individuals for AMCON to be wound down, Alade alleged that many of those advocating the Corporation’s closure are debtors seeking to frustrate its recovery efforts.
He stressed that decisions regarding the Corporation’s sunset remain the exclusive prerogative of its Board and the Central Bank of Nigeria (CBN), adding that AMCON remains focused on recovering outstanding debts on behalf of the Nigerian people.
Alade said the Corporation has continued to strengthen collaboration with debt recovery partners, solicitors and receiver managers through regular engagements aimed at improving the effectiveness of its recovery strategies.
“We regularly engage and sensitise our debt recovery partners, solicitors and receiver managers on the unique provisions of the AMCON Act. This ensures that when they appear in court on matters concerning the Corporation, they are fully conversant with both the facts and the applicable legal framework,” he said.
He added that AMCON has reviewed the commission structure for debt recovery agents and partners in response to prevailing economic realities.
“In recognition of their commitment, and in response to prevailing economic realities, the Corporation has reviewed the commission structure for debt recovery agents and partners across the board. Together, we remain confident that we will continue to achieve significant success in our recovery efforts,” Alade said.
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