The Asset Management Corporation of Nigeria (AMCON) announced that it has repaid approximately N3.6 trillion to the Central Bank of Nigeria (CBN) since its inception in 2010. The corporation’s Managing Director, Gbenga Alade, disclosed this milestone during a media briefing in Lagos, describing the repayments as a notable national achievement. He noted that AMCON had previously paid N1.7 trillion to acquire toxic bank assets and has now reimbursed N3.6 trillion, leaving an outstanding debt of about N3 trillion.
AMCON’s primary objective is to stabilise distressed banks by removing toxic assets and injecting funds, a strategy that aligns with global corporate insolvency and restructuring standards. This intervention has boosted public trust, as depositors now have confidence that banks can meet their obligations without liquidity concerns. The corporation continues to manage thousands of eligible bank assets, preparing them for disposal through transparent, market‑driven processes.
Under the AMCON Act, the corporation enjoys priority rights in disputes with bank debtors, reversing the usual contractual and securities hierarchy in Nigeria. To enhance recovery efforts, AMCON has engaged foreign tracers to locate hidden assets belonging to obligors who have attempted to evade repayment by moving properties abroad.
In terms of financial performance, AMCON recorded N156.25 billion in revenue and operating expenses of N29.04 billion, demonstrating a disciplined spending culture. Alade highlighted that AMCON’s performance surpasses that of many global asset‑management agencies, despite Nigeria’s complex recovery environment and weak repayment culture. The corporation has achieved recoveries of over 87 %, outperforming Malaysia’s Danaharta (58 %) and China’s Asset Management Corporation (33 %). Only South Korea’s KAMCO has outperformed AMCON, achieving near‑100 % recoveries through strict enforcement strategies.
The judiciary has recognised AMCON’s challenges, approving new Practice Directions to fast‑track pending debt‑recovery matters nationwide. The Federal High Court has also created Insolvency Units to ensure AMCON cases are handled swiftly and consistently. With strong support from the government, the CBN and other institutions, AMCON remains committed to its mandate, pursuing recoveries until every outstanding debt is realised in accordance with the law. Its continued progress underscores the corporation’s vital role in maintaining the stability of Nigeria’s financial system.
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