AMCON begins divestment of NTEL, says debt recovery hit N165bn in six months
The Asset Management Corporation of Nigeria (AMCON) says it has commenced the divestment of its interests in NTEL as part of efforts to unlock the full value of Nigeria’s legacy telecommunications assets.
Gbenga Alade, AMCON’s managing director and chief executive officer (CEO), spoke over the weekend during an interactive session with senior media executives in Lagos.
Alade said the move follows the successful divestment of the Ibadan Electricity Distribution Company (IBEDC), adding that the corporation has begun a transparent and structured programme to attract credible strategic investors into NTEL.
According to the CEO, NTEL, the successor company to the former Nigerian Telecommunications Limited (NITEL), has embarked on a three-pronged transformation strategy aimed at repositioning the company as an attractive investment destination for world-class investors.
He said the repositioning would maximise value, improve operational competitiveness, and prepare the company for long-term sustainability under new investment.
“The remarkable transformation of NTEL is poised to become one of AMCON’s most notable success stories in the telecommunications sector,” Alade said.
“We have full confidence in the Board and Management of NTEL/NATCOM as they continue to demonstrate experience, innovation, diligence and commitment towards positioning this Nigerian-owned company to compete favourably with its peers both locally and internationally.”
The managing director said AMCON would provide further updates on the divestment process as key milestones are achieved, reaffirming the corporation’s commitment to transparency throughout the exercise.
He said the telecommunications divestment aligns with AMCON’s statutory mandate to maximise value from distressed assets while supporting economic growth and strengthening confidence in Nigeria’s financial system.
The AMCON boss also said the corporation recovered approximately N165 billion between January and June 2026, representing a 64 percent increase from the N107 billion recovered in the corresponding period of 2025.
Alade said the corporation maintained a cost-to-recovery ratio of 2.3 percent, which he said reflects the efficiency of its debt recovery operations.
AMCON EXEMPTED FROM PAYING STAMP DUTIES
The CEO also announced that AMCON recently secured “a landmark supreme court judgment” with significant implications for debt recovery and the administration of justice in Nigeria.
He said the apex court affirmed that the AMCON Act constitutes a special legal regime that should be interpreted purposively because the corporation was established to address the financial crisis arising from the systemic banking challenges of 2008.
The AMCON chief said the supreme court also ruled that AMCON is exempt from paying stamp duties and confirmed that the corporation has the statutory authority to dispose of collateral assets to recover outstanding debts, irrespective of the size of an obligor’s indebtedness.
While we celebrate this landmark judgment and several other legal successes, we are not resting on our oars. We remain mindful of the various tactics employed by recalcitrant obligors to frustrate the Corporation’s operations,” he said.
Responding to calls for the winding down of AMCON, Alade alleged that many of those advocating the corporation’s closure are debtors seeking to frustrate its recovery efforts.
He said decisions on AMCON’s sunset remain the responsibility of its board and the Central Bank of Nigeria (CBN), adding that the corporation remains focused on recovering debts on behalf of Nigerians.
The managing director added that AMCON has strengthened collaboration with debt recovery partners, solicitors and receiver managers, noting that regular engagements have improved the corporation’s recovery strategies.
The AMCON boss said the corporation recently reviewed the commission structure for debt recovery agents and partners in response to prevailing economic realities and expressed confidence that the measure would further improve recoveries.