The Asset Management Corporation of Nigeria (AMCON) has repaid N3.6 trillion to the Central Bank of Nigeria (CBN) since its creation in 2010, the Managing Director/CEO, Mr. Gbenga Alade, has disclosed.

Speaking during a media parley in Lagos, Alade explained that although the corporation spent N1.7 trillion to purchase toxic assets from distressed banks, it has paid back far more and currently owes the CBN about N3 trillion.

Bank Stabilisation and Recoveries

Alade said AMCON played a critical role in restructuring Nigerian banks during the financial crisis by removing non-performing loans from their books and injecting fresh liquidity.

This intervention, he noted, restored depositor confidence and helped stabilize the banking system. AMCON then took over the acquired Eligible Bank Assets (EBAs) for management and recovery.

The MD added that the law establishing AMCON gives the corporation priority over collateral and contract disputes involving bank debtors—an adjustment that strengthens its debt recovery powers.

Foreign Asset Tracers Engaged

As part of its recovery strategy, AMCON has hired international asset tracers to locate properties and funds hidden abroad by high-profile debtors.

Financial Performance

Since Alade assumed office, AMCON has recorded:

• Total revenue: N156.25 billion
• Total operating expenses: N29.04 billion
• Operating expenses–to–revenue ratio: 19%

For 2025, the corporation projects:

• Revenue: N215.15 billion
• Operating expenses: N29.06 billion
• Operating ratio: 13.5%

Global Comparisons

Alade said AMCON’s recovery rate—over 87% of the balance at purchase—places it ahead of similar agencies worldwide.

• Malaysia’s Danaharta: 58%
• China’s Asset Management Corporation: 33%
• Korea’s KAMCO: ~100%, described as the best performer due to its aggressive enforcement strategies

He added that many such agencies, including those in China, the U.S. (FDIC), and Germany (KfW), have evolved into permanent national institutions.

Judicial Backing and Reforms

To accelerate stalled cases, AMCON has hired consultants to audit its litigation portfolio across the Federal High Court, Court of Appeal, and Supreme Court.

According to Alade, the judiciary has introduced a New Practice Direction for AMCON matters, while the Federal High Court has established dedicated Insolvency Units to fast-track debt recovery cases.

Government and Institutional Support

Alade expressed appreciation for the support of President Bola Tinubu, the judiciary, the CBN, the Federal Ministry of Finance, the Attorney General of the Federation, the EFCC, ICPC, Police, National Assembly, and other agencies.

He warned that some debtors may use the media to distort facts as legal pressure mounts.

“Many took these loans with no intention of repayment. Please take their narratives with a pinch of salt and confirm facts with AMCON. We keep accurate records, as shown in the landmark judgments we have secured,” he said.

Alade added that AMCON’s painstaking litigation efforts have shaped Nigerian legal practice, including the recent publication of the AMCON Legal Compendium, which documents key decisions at both the Federal High Court and the Court of Appeal.