The Asset Management Corporation of Nigeria (AMCON) has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN) since its establishment in 2010, Managing Director Gbenga Alade said on Wednesday in Lagos.
Alade described the repayments as “a significant national achievement,” noting that while AMCON initially acquired toxic bank assets for N1.7 trillion, it has already repaid N3.6 trillion and still manages about N3 trillion in remaining obligations.
He said the corporation stabilised distressed banks by removing toxic assets and injecting liquidity, following “global corporate insolvency and restructuring standards.” This intervention, he added, has restored public confidence in the banking system.
AMCON continues to manage thousands of eligible bank assets, preparing them for disposal through transparent, market-driven processes. Alade also highlighted the agency’s legal priority in disputes with bank debtors and its use of foreign asset tracers to recover properties moved abroad.
On financial performance, AMCON recorded N156.25 billion in revenue with operating expenses of N29.04 billion under Alade’s leadership, reflecting disciplined spending. He projected 2025 revenue of N215.15 billion, with similar operating costs.
Internationally, AMCON has achieved over 87% recovery of distressed assets, surpassing Malaysia’s Danaharta (58%) and China’s asset management corporation (33%), with only South Korea’s KAMCO achieving higher recoveries through stricter enforcement.
Alade emphasised that AMCON would continue its mandate “until every outstanding debt is realised in accordance with the law,” with judicial reforms such as Federal High Court Insolvency Units and new Practice Directions helping to fast-track cases.
He warned that some debtors might attempt to mislead the public and urged journalists to verify claims with AMCON before publication, stressing the corporation’s commitment to transparency and the rule of law.
