AMCON recovers N165bn in six months

The Asset Management Corporation of Nigeria (AMCON) has announced the recovery of N165 billion between January and June 2026.

AMCON said this represents a 64 per cent increase over the N107 billion recovered during the corresponding period in 2025.

The Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, disclosed this during an interactive session with senior media executives in Lagos over the weekend.

Alade said the corporation maintained a low cost-to-recovery ratio of 2.3 per cent, underscoring the efficiency of its debt recovery operations.

The AMCON boss also announced that the corporation recently secured what he described as a landmark Supreme Court judgement that would have far-reaching implications for debt recovery and the administration of justice in Nigeria.

According to him, the apex court affirmed that the AMCON Act constitutes a special legal regime that should be interpreted purposively, given that the corporation was established to address the financial crisis arising from the systemic banking challenges of 2008.

He said the Supreme Court also ruled that AMCON is exempt from the payment of stamp duties and confirmed that, irrespective of the size of an obligor’s indebtedness, the corporation possesses the statutory authority to dispose of collateral assets in enforcing its rights and recovering outstanding debts.

“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,” Alade stated.

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Responding to calls by some individuals 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 stressed that decisions regarding the corporation’s sunset remain the exclusive prerogative of its Board and the Central Bank of Nigeria (CBN), adding that AMCON remains focused on recovering outstanding debts owed to the corporation on behalf of the Nigerian people.

Alade said AMCON has continued to strengthen collaboration with its stakeholders, noting that regular engagements with debt recovery partners, solicitors and receiver managers have helped improve the Corporation’s recovery strategies.

The AMCON boss said: “We regularly engage and sensitise our debt recovery partners, solicitors and receiver managers on the unique provisions of the AMCON Act. This ensures that when they appear in court on matters concerning the Corporation, they are fully conversant with both the facts and the applicable legal framework.

“In recognition of their commitment, and in response to prevailing economic realities, the corporation has reviewed the commission structure for debt recovery agents and partners across the board. Together, we remain confident that we will continue to achieve significant success in our recovery efforts.”