AMCON achieves N3.6trn repayment milestone, launches global hunt for hidden assets

The Asset Management Corporation of Nigeria (AMCON) says it has repaid a total of N3.6 trillion to the Central Bank of Nigeria (CBN) since its creation in 2010, marking one of the most significant debt-resolution efforts in the country’s financial history.

Speaking at a media parley in Lagos, AMCON Managing Director and CEO, Gbenga Alade, said the agency has surpassed expectations by paying back more than double the amount used to purchase toxic bank assets—N1.7 trillion—even as it still owes roughly N3 trillion to the apex bank.

To intensify its debt recovery drive, AMCON has engaged foreign asset tracers to track down assets allegedly hidden abroad by big debtors who have refused to honour their obligations.

Alade said the move has become necessary due to the complex financial networks used by some obligors to shield their wealth.

He noted that the AMCON Act gives the corporation priority over other creditors in disputes, enabling it to pursue recovery more aggressively and protect the financial system.

The CEO also highlighted AMCON’s financial performance, disclosing total revenue of N156.25 billion and operating expenses of N29.04 billion in the last cycle, with a projected revenue of N215.15 billion for 2025.

Alade argued that AMCON’s recovery achievements—over 87%—rank among the best globally, second only to South Korea’s KAMCO.

Similar agencies in Malaysia and China achieved 58% and 33% respectively.

The corporation’s recovery efforts, he said, are being strengthened by new practice directions approved by the judiciary, the creation of insolvency units at the Federal High Court, and support from President Bola Tinubu’s administration and various law enforcement agencies.