The Asset Management Corporation of Nigeria (AMCON) says it has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN) since it began operations in 2010.
Managing Director Mr. Gbenga Alade disclosed this during a media parley in Lagos on Wednesday, describing the repayments as “a significant national achievement.”
He explained that AMCON initially paid N1.7 trillion to acquire toxic bank assets but has since repaid N3.6 trillion, while still owing about N3 trillion.
Alade said AMCON stabilised distressed banks by removing their toxic assets and injecting fresh funds, noting that the intervention aligned with global corporate insolvency and restructuring standards.
He added that the corporation’s work restored public confidence in the banking system, as depositors felt assured that their banks could meet obligations without liquidity risks.
According to him, AMCON still manages thousands of Eligible Bank Assets, preparing them for disposal through transparent and market-driven processes.
He noted that the AMCON Act grants the corporation priority rights in disputes with bank debtors—an approach that reverses Nigeria’s traditional contractual and securities hierarchy.
Alade also revealed that AMCON has engaged foreign tracers to locate hidden assets belonging to obligors who “moved properties across the globe to evade repayment.”
On financial performance, he said AMCON recorded N156.25 billion in revenue and N29.04 billion in operating expenses since he assumed office, adding that the figures show operating expenses account for only 19% of total revenue—evidence of disciplined spending.
He projected that revenue for 2025 would reach N215.15 billion, with expenses at N29.06 billion, reflecting a stronger operating ratio.
Alade said AMCON has outperformed many global asset management agencies despite Nigeria’s complex recovery environment and weak repayment culture. He noted that the corporation achieved over 87% recoveries, compared to Malaysia’s Danaharta (58%) and China’s Asset Management Corporation (33%).
He added that only South Korea’s KAMCO performed better, with about 100% recoveries, achieved through “strict enforcement strategies.”
According to him, institutions such as KAMCO, the FDIC (USA), and KfW (Germany) have since evolved into permanent financial system stabilisers—an evolution AMCON continues to study.
Alade reaffirmed that AMCON would intensify its recovery drive and pursue all outstanding debts “in accordance with the law.”
He said consultants were reviewing AMCON cases across all judicial levels—the Federal High Court, Court of Appeal, and Supreme Court. He noted that the judiciary recognises AMCON’s challenges and has approved new Practice Directions to fast-track debt recovery matters nationwide.
The Federal High Court, he added, has also established Insolvency Units to ensure AMCON’s cases are handled swiftly and consistently.
Alade acknowledged strong support from President Bola Tinubu, the judiciary, the CBN, the Finance Ministry and other key institutions.
He vowed that AMCON would continue its mandate “with fear of God, love of country and full adherence to the rule of law.”
Alade warned that some obligors may attempt to “use the media to misinform the public” as AMCON intensifies recovery actions, urging journalists to verify all claims with AMCON before publication.
He said recent court victories demonstrate progress despite slow judicial processes and noted that AMCON’s cases have contributed significantly to national jurisprudence, including through its published legal compendium of major judgments and decisions.
