The Asset Management Corporation of Nigeria (AMCON), created in 2010 to stabilise Nigeria’s financial system, has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN), according to its Managing Director and CEO, Gbenga Alade.
Alade disclosed this during a media parley in Lagos, stating that AMCON purchased N1.7 trillion worth of toxic bank assets but has since repaid more than double that amount, while an outstanding balance of about N3 trillion remains. He said the corporation helped restructure the banking sector by removing toxic assets and injecting fresh capital, which preserved depositor confidence and ensured banks could continue honouring obligations.
He explained that AMCON manages Eligible Bank Assets ahead of disposal and noted that its enabling law gives the corporation priority in disputes over collateral and contracts. He said the agency has hired foreign asset tracers to locate hidden assets of major debtors across global jurisdictions.
Speaking on performance under his leadership, Alade reported total revenue of N156.25 billion and operating expenses of N29.04 billion, with an operating revenue ratio of 19 per cent. For 2025, AMCON projects total revenue of N215.15 billion, operating expenses of N29.06 billion, and an operating-to-revenue ratio of about 13.5 per cent.
Alade said AMCON has outperformed most global counterparts, achieving over 87 per cent recovery on acquired assets. He compared this with Malaysia’s Danaharta at 58 per cent and China’s asset management agency at 33 per cent. He noted that only South Korea’s KAMCO achieved about 100 per cent, aided by stronger enforcement powers.
He stated that the current executive team has appointed consultants to conduct a comprehensive audit of all AMCON cases across the Federal High Court, Court of Appeal and Supreme Court. He said the judiciary has approved a New Practice Direction for faster recovery and created insolvency units to accelerate pending cases.
Alade credited the support of the President, the judiciary, the CBN, the Ministry of Finance, the Attorney-General of the Federation, security agencies, the National Assembly, and the media. He cautioned that many debtors may attempt to use the media to mislead the public despite having taken loans without intent to repay.
