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…Says N165bn recovered from debtors in H1
The Asset Management Corporation of Nigeria (AMCON) has commenced the process of divesting its interest in NTEL/NATCOM, saying the telecommunications company has undergone a major transformation that positions it as one of its most promising asset recovery success stories.
Managing Director and Chief Executive Officer of AMCON, Mr. Gbenga Alade, disclosed this during an interactive session with senior media executives in Lagos at the weekend, where he also revealed that the Corporation recovered about N165 billion in the first half of 2026, representing a 64 per cent increase over the N107 billion recovered during the corresponding period of 2025.
Alade said the planned sale of NTEL follows the successful divestment of the Ibadan Electricity Distribution Company (IBEDC) and forms part of AMCON’s strategy to unlock value from distressed assets while attracting credible investors into key sectors of the economy.
According to him, the divestment programme is being conducted through a transparent and structured process designed to attract strategic investors capable of repositioning the telecoms company for sustainable growth.
He explained that NTEL, the successor to the defunct Nigerian Telecommunications Limited (NITEL), has embarked on a comprehensive three-pronged transformation strategy aimed at restoring its competitiveness and enhancing its investment appeal.
“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 described the transformation of NTEL as a significant milestone in the revitalisation of Nigeria’s legacy telecommunications assets, noting that the company remains an important part of the country’s telecom infrastructure and history.
Alade expressed confidence in the Board and Management of NTEL/NATCOM, saying their leadership has 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.
He assured stakeholders that further updates on the divestment exercise would be communicated as major milestones are achieved, stressing AMCON’s commitment to transparency throughout the process.
Alade said the telecommunications divestment aligns with AMCON’s statutory mandate of maximising value from distressed assets, supporting economic growth and strengthening confidence in Nigeria’s financial system.
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Beyond the planned sale of NTEL, the AMCON boss highlighted the Corporation’s improved operational performance, revealing that recoveries rose sharply in the first six months of the year.
According to him, the Corporation recovered approximately N165 billion between January and June 2026, compared to N107 billion recorded in the same period last year, while maintaining a cost-to-recovery ratio of just 2.3 per cent, reflecting greater operational efficiency.
Alade also announced what he described as a landmark Supreme Court judgment that strengthens AMCON’s debt recovery powers and clarifies key provisions of its enabling law.
He said the apex court affirmed that the AMCON Act constitutes a special legal regime that must be interpreted purposively because the Corporation was established to address the financial crisis triggered by the systemic banking challenges of 2008.
According to him, the Supreme Court further ruled that AMCON is exempt from paying 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 stated.
Responding to calls for the winding down of AMCON, the Managing Director alleged that many of those advocating the Corporation’s closure are debtors seeking to frustrate its recovery efforts.
He stressed that any decision on AMCON’s sunset remains the exclusive responsibility of its Board and the Central Bank of Nigeria (CBN), adding that the Corporation remains focused on recovering debts owed on behalf of the Nigerian people.
Alade also said AMCON has intensified collaboration with debt recovery partners, solicitors and receiver managers to improve 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.
“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,” he said.
