The Asset Management Corporation of Nigeria has revealed that it has repaid about N3.6tn to the Central Bank of Nigeria since it was created in 2010 to stabilise the financial system after the banking crisis. The Managing Director and Chief Executive Officer of AMCON, Mr Gbenga Alade, disclosed this during a media parley in Lagos on Wednesday. He explained that although the corporation spent N1.7tn to purchase toxic bank assets at inception, it has repaid more than double that amount but still owes around N3tn.
Alade said AMCON has played a major role in restructuring Nigeria’s banking system by removing toxic loans from bank balance sheets and injecting funds to restore stability. According to him, this approach followed international corporate insolvency principles and helped keep depositors’ funds safe. He added that when AMCON acquires Eligible Bank Assets, also known as EBAs, it manages them with the aim of recovering value and later disposing of the assets responsibly.
Eligible Bank Assets include non-performing loans, delinquent credit exposures and distressed assets that threaten the health of the banking sector. They are purchased from banks to prevent a wider financial crisis and restore confidence in the system.
Alade noted that AMCON currently has more than 3,000 cases ongoing in different courts across the country, stressing that legal battles remain one of the toughest challenges facing the corporation. He also announced that AMCON will right-size its workforce from next year as part of efforts to strengthen efficiency. He said the agency’s workforce is large and needs to be trimmed to match its operational realities.
The CEO explained that the legal framework establishing AMCON gives the corporation priority over debtors in disputes involving collateral and contracts. This, he said, is necessary to support recovery efforts because many debtors attempt to escape obligations by hiding assets or exploiting legal loopholes. Alade revealed that AMCON has hired foreign asset tracers to help locate assets hidden outside Nigeria.
Speaking on the financial report since he assumed office, Alade said the corporation recorded total revenue of N156.25bn with operating expenses of N29.04bn. This gives an operating revenue-to-expense ratio of about 19 per cent. He also projected that AMCON will generate N215.15bn revenue in 2025 with operating expenses of N29.06bn, bringing the expected ratio to around 13.5 per cent.
Alade said AMCON has outperformed most government-owned asset management corporations around the world in terms of recoveries. He pointed out that based on the balance at purchase, AMCON achieved more than 87 per cent recovery, a performance he described as exceptional considering the difficulties of debt recovery in Nigeria. He compared this with Malaysia’s Danaharta, which achieved 58 per cent, and the Chinese Asset Management Corporation, which recorded only 33 per cent. He added that only South Korea’s KAMCO achieved more, reaching about 100 per cent because of its aggressive enforcement model.
He noted that some asset management corporations—such as China AMC, Germany’s KFW, and the U.S. Federal Deposit Insurance Corporation—have become long-term institutions with extended mandates. According to him, AMCON has also become an important part of Nigeria’s financial architecture and will continue pursuing outstanding debts until the mandate is fulfilled.
Alade said the AMCON Executive Committee has hired top consultants to conduct a full audit of all court cases at the Federal High Court, Court of Appeal and Supreme Court. He explained that the leadership of the judiciary understands AMCON’s challenges and has approved a new Practice Direction to speed up debt recovery cases. The Federal High Court has also created Insolvency Units to help fast-track matters involving distressed assets.
The CEO thanked President Bola Tinubu, the judiciary, the CBN, the Ministry of Finance, the Attorney-General of the Federation, the EFCC, the ICPC, the National Assembly, the Police, the Board of AMCON and the media for supporting the recovery efforts. He said the corporation will continue to operate with integrity, patriotism and strict compliance with the law.
He warned that many debtors will attempt to use the media to distort the facts as AMCON intensifies enforcement. He urged journalists to verify information because some debtors collected loans without ever intending to pay. He added that some landmark court victories show that the corporation’s record is accurate.
Alade said while justice may take time, AMCON remains committed to recovering public funds and contributing to Nigeria’s financial stability. He also confirmed that staff reduction next year is being considered to improve operational efficiency.
