The Asset Management Corporation of Nigeria has announced that it has repaid a total of N3.6 trillion to the Central Bank of Nigeria since its establishment in 2010. The Managing Director, Mr. Gbenga Alade, made the disclosure during a media parley in Lagos, describing the achievement as “a significant national accomplishment.”
Alade explained that AMCON initially spent N1.7 trillion to acquire toxic bank assets but has now repaid more than double that amount while still owing about N3 trillion overall. He stated that removing toxic assets and injecting funds into failing banks helped stabilise the financial system and aligned with “global corporate insolvency and restructuring standards.”
According to him, public confidence improved as depositors felt assured that banks could “meet obligations without liquidity fears.” He added that AMCON continues to manage thousands of Eligible Bank Assets, preparing them for disposal through transparent and market-driven processes.
The MD noted that the AMCON Act grants the corporation priority rights in disputes involving bank debtors, giving it leverage that overrides traditional contractual and securities hierarchies. He also confirmed that AMCON hired foreign asset tracers to uncover hidden properties belonging to obligors who “moved properties across the globe to evade repayment.”
Providing an update on financial performance, Alade revealed that AMCON recorded N156.25 billion in revenue with operating expenses of N29.04 billion since he assumed office. He stressed that “operating expenses represent just 19 per cent of total revenue,” which he described as proof of disciplined spending.
He projected that revenue for 2025 would reach N215.15 billion, with operating expenses of N29.06 billion and an even stronger operating ratio. Despite Nigeria’s challenging recovery environment and weak repayment culture, Alade said AMCON has outperformed many global asset management agencies, achieving “over 87 per cent recoveries.”
He compared this to Malaysia’s Danaharta with 58 per cent and China’s Asset Management Corporation with 33 per cent, noting that only South Korea’s KAMCO ranked higher with nearly 100 per cent recoveries achieved through “brute force and strict enforcement strategies.” He added that several international agencies, including KAMCO, the FDIC USA and KFW Germany, have evolved into permanent institutions supporting national financial systems.
Alade affirmed that AMCON would not slow down its efforts, vowing to pursue recoveries “until every outstanding debt is realised in accordance with the law.” He said consultants were reviewing all AMCON cases across judicial levels, from the Federal High Court to the Supreme Court.
He noted that the judiciary recognised AMCON’s challenges and approved new Practice Directions to accelerate pending debt recovery matters nationwide, while the Federal High Court established Insolvency Units to ensure AMCON cases are treated “swiftly and consistently.”
The MD expressed appreciation for the support received from President Bola Tinubu, the judiciary, the CBN and the Finance Ministry. He said AMCON would continue its work “with fear of God, love of country and full adherence to the rule of law.”
Alade warned that some obligors would attempt to “use the media to misinform the public” as AMCON intensifies its recovery processes, urging journalists to verify all claims before publication. He added that several court victories demonstrate progress despite procedural delays, and that AMCON’s legal compendium continues to shape national jurisprudence.
The disclosure that AMCON repaid N3.6 trillion since inception underscores the scale of the corporation’s long-running intervention in Nigeria’s financial system.
Visit GMTNewsng for more news.
