The Asset Management Corporation of Nigeria (AMCON), the federal agency created in 2010 to stabilise and revive the country’s financial sector, says it has repaid roughly N3.6 trillion to the Central Bank of Nigeria (CBN) since it began operations.
This disclosure was made by the Managing Director and Chief Executive Officer of the corporation, Gbenga Alade, during a media engagement in Lagos.
Alade explained that although the corporation spent N1.7 trillion to acquire toxic assets from banks, it has managed to remit about N3.6 trillion while still carrying an outstanding balance of about N3 trillion.
He emphasised that AMCON helped reorganise struggling banks by removing non-performing assets from their books and injecting financial support, a method consistent with global best practices in corporate insolvency management.
According to him, this approach ensured that bank customers retained confidence in the financial system, trusted institutions to meet their obligations, and felt secure about their deposits. He added that AMCON continues to oversee the Eligible Bank Assets (EBAs) it acquired before they are eventually liquidated.
The AMCON chief further explained that the Act establishing the corporation changes the traditional order of rights and protections in commercial disputes, giving AMCON legal priority when facing bank debtors in conflicts involving collateral or contractual obligations.
Alade also stated, “As part of our recovery strategy, we have commissioned some foreign asset tracers who will help us locate where some of these obligors have hidden their assets across the globe.”
Reflecting on AMCON’s financial performance under his leadership, he noted that the corporation recorded total revenue of N156.25 billion, while total operating expenses stood at N29.04 billion, bringing the operating revenue-to-expense ratio to 19 percent.
He projected that AMCON’s total revenue for 2025 would reach N215.15 billion, while operating expenses are expected to total N29.06 billion, with the operating-to-revenue ratio likely dropping to around 13.5 percent.
He stressed that the corporation’s progress compares favourably with similar government-backed asset recovery agencies worldwide.
He stated, “Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87% in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s only achieved 58%. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33%. Only the Korean Asset Management Corporation (KAMCO) in South Korea has achieved more recoveries than AMCON, with about 100%. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate. Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany. So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realised.”
The AMCON boss also revealed that the corporation’s current executive management has hired expert consultants to conduct a full audit review of all ongoing cases across the Federal High Court, Court of Appeal, and Supreme Court.
He added that the judiciary at all levels recognises the difficulties AMCON faces and has shown strong support for its mandate.
As a result, courts have approved a new Practice Direction to accelerate AMCON-related debt recovery cases, while the Federal High Court has established Insolvency Units to quicken the hearing of matters linked to the corporation.
He acknowledged the consistent backing AMCON has received from President Bola Ahmed Tinubu-GCFR, the judiciary, the Central Bank of Nigeria, the Ministry of Finance, the Attorney General of the Federation, the AMCON Board, and security and anti-corruption agencies such as the EFCC, the Police, and the ICPC, in addition to the National Assembly and the media.
He said the corporation “will continue to go about its recovery mandate with the fear of God, love of country, and complete adherence to the rule of law. Let me also alert you that, as we are tightening the noose through the Courts on the obligors and deploying our strategies, most of the debtors would want to leverage the media to misinform the public.
“Please note that most of them took the loans with no intention whatsoever to repay the debt. So, I beg you, no matter the skewed narration they peddle in the newsrooms, kindly take it with a pinch of salt, and touch base with us because we have the accurate records, which is evident in some of the landmark cases that we have won against many of the obligors.
“Yes, the wheel of justice grinds slowly sometimes, but with patience and dedication, we have continued to make progress. Our cases have also contributed to the development of jurisprudence in the country with the publication of the first set of the AMCON Legal Compendium – a compilation of AMCON cases at both the Federal High Court and the Court of Appeal.”
What You Should Know
AMCON, created to sanitise Nigeria’s financial system, has become one of the most successful asset recovery agencies globally, recording more than 87 percent recovery from purchased debts.
Under the leadership of Gbenga Alade, the corporation has prioritised transparency, strengthened legal frameworks, and engaged international asset tracers to locate hidden assets.
Supported by the judiciary and federal institutions, AMCON continues to intensify efforts to reclaim outstanding debts, manage acquired bank assets, and ensure financial stability while cautioning the public against misleading narratives circulated by loan defaulters.
