AMCON repays N3.6trn to CBN, strengthens recovery efforts, global asset tracing

The Asset Management Corporation of Nigeria (AMCON) has announced major progress in its debt-recovery operations, revealing that it has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN) since its establishment in 2010.

The disclosure was made by the Managing Director/CEO, Gbenga Alade, during a media parley in Lagos, where he also provided insights into the corporation’s financial health, legal challenges, and future recovery strategies.

Alade noted that although AMCON spent N1.7 trillion to acquire toxic assets from distressed banks, it has been able to repay N3.6 trillion so far—while still owing approximately N3 trillion in remaining obligations.

He explained that AMCON played a critical stabilizing role in Nigeria’s banking sector by removing toxic assets from bank balance sheets, injecting liquidity, and restoring depositor confidence.

“By restructuring the banks and taking over bad assets, we ensured depositors could still access their funds and that the financial system remained resilient,” he said.

The AMCON CEO pointed out that the AMCON Act places the corporation in a priority position during disputes with debtors, reversing traditional securities-law hierarchies to protect public interest.

As part of fresh recovery initiatives, AMCON has hired foreign asset tracing firms to locate properties and funds hidden by recalcitrant obligors abroad.

“This is a critical step, as many of these debtors diverted funds and assets outside the country,” Alade said.

Reviewing the corporation’s recent financial performance, Alade stated that AMCON recorded N156.25bn as revenue, N29.04bn as operating expenses, while operating revenue-to-expense ratio stood at 19 per cent.

For 2025, AMCON projects: Total revenue: N215.15 billion, operating expenses: N29.06 billion, operating ratio: 13.5%.

Alade highlighted that AMCON’s recovery performance—over 87% based on the value of acquired assets—places it above many international asset-management corporations.

He noted that Malaysia’s Danaharta achieved 58%, China’s AMC recovered 33% despite stricter laws.

Only South Korea’s KAMCO performed better with near 100% recovery, though through extremely aggressive enforcement

Alade added that several AMCs—including China’s AMC, Germany’s KfW, and the U.S. Federal Deposit Insurance Corporation (FDIC)—continue to operate as long-term government institutions, a trend AMCON may follow given Nigeria’s unique challenges.

The AMCON boss revealed that the corporation, in partnership with leading consultants, is auditing all ongoing cases across the Federal High Court, Court of Appeal, and Supreme Court.

He commended the judiciary for understanding the complexity of AMCON’s mandate and approving a New Practice Direction to fast-track AMCON-related cases. The Federal High Court has also created special insolvency units dedicated to handling AMCON matters.

Alade acknowledged strong support from President Bola Ahmed Tinubu, the CBN, Ministry of Finance, Office of the Attorney General, the EFCC, ICPC, Police, National Assembly, and media partners.

He cautioned that some high-profile debtors may resort to media manipulation to distort public perception.

“Many of them took loans with no intention of repaying. We urge the media to verify claims with us because we have accurate records supported by major court victories,” he said.

Alade added that AMCON’s legal battles have contributed significantly to Nigerian jurisprudence, noting the publication of the first AMCON Legal Compendium, documenting landmark decisions from the Federal High Court and Court of Appeal.

The CEO reiterated that AMCON remains committed to completing its mandate with integrity.

“We will continue our recovery work with the fear of God, love of country, and strict adherence to the rule of law,” he assured.

With intensified legal reforms, international asset tracing, and stronger institutional backing, AMCON is positioning itself for a more aggressive and structured final phase in recovering Nigeria’s outstanding debts.