The Asset Management Corporation of Nigeria (AMCON) says it has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN) since starting operations in 2010.
Its Managing Director, Mr Gbenga Alade, said this during a media parley in Lagos on Wednesday, describing the repayments as “a significant national achievement.”
He explained that AMCON paid N1.7 trillion to acquire toxic bank assets but has since repaid N3.6 trillion, while still owing about N3 trillion overall.
Alade said AMCON stabilised distressed banks by removing toxic assets and injecting funds, adding that this aligned with “global corporate insolvency and restructuring standards.”
He noted that AMCON’s intervention boosted public trust, as depositors gained confidence knowing banks could “meet obligations without liquidity fears.”
According to him, AMCON still manages thousands of Eligible Bank Assets and prepares them for disposal through transparent, market-driven processes.
The CEO said the AMCON Act gives the corporation priority rights in disputes with bank debtors, reversing the usual contractual and securities hierarchy in Nigeria.
He added that AMCON had engaged foreign tracers to locate hidden assets belonging to obligors who “moved properties across the globe to evade repayment.”
Speaking on financial performance, he said AMCON recorded N156.25 billion revenue with operating expenses of N29.04 billion since he assumed leadership.
Alade said the figures showed that “operating expenses represent just 19 per cent of total revenue”, demonstrating the corporation’s disciplined spending culture.
He projected that 2025 revenue would reach N215.15 billion, with operating expenses of N29.06 billion and a strengthened operating ratio.
He said AMCON performed better than many global asset management agencies despite Nigeria’s complex recovery environment and weak repayment culture.
Alade said the corporation achieved “over 87 per cent recoveries”, surpassing Malaysia’s Danaharta, which recorded 58 per cent recoveries during its operations.
He noted that China’s Asset Management Corporation achieved only 33 per cent, in spite of “far stronger recovery laws and enforcement frameworks.”
He said only South Korea’s KAMCO outperformed AMCON, achieving about 100 per cent recoveries through “brute force and strict enforcement strategies.”
He added that several agencies, including KAMCO, the FDIC USA and KFW Germany, had evolved into permanent institutions supporting government financial systems.
Alade said AMCON would not slow its efforts and would pursue recoveries “until every outstanding debt is realised in accordance with the law.”
He said consultants were reviewing AMCON cases across all judicial levels, including the Federal High Court, Court of Appeal and Supreme Court.
According to him, the judiciary acknowledges AMCON’s challenges and approved new Practice Directions to fast-track pending debt recovery matters nationwide.
He noted that the Federal High Court also created Insolvency Units to ensure AMCON cases are treated “swiftly and consistently.”
Alade acknowledged strong support from President Bola Tinubu, the judiciary, the CBN, the Finance Ministry and several other institutions.
He said AMCON would continue its mandate “with fear of God, love of country and full adherence to the rule of law.”
He warned that many obligors would attempt to “use the media to misinform the public” as AMCON tightens recovery processes across the courts.
He said many debtors obtained loans “without any intention to repay,” urging journalists to verify all claims with AMCON before publication.
Alade said several court victories showed progress in spite of slow judicial processes, reinforcing AMCON’s determination to meet its national mandate.
He added that AMCON’s cases had shaped national jurisprudence, including through its published legal compendium documenting key judgments and decisions.
