has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN) since it was established in 2010, according to its managing director and chief executive officer, Gbenga Alade.
Gatekeepers News reports that speaking during a media parley in Lagos, Alade said although AMCON spent N1.7 trillion to acquire toxic bank assets at inception, it has now repaid N3.6 trillion, leaving an outstanding balance of about N3 trillion owed to the apex bank.
He said AMCON stabilised the banking sector by removing toxic assets and injecting fresh capital, in line with global principles of corporate insolvency restructuring.
According to him, the strategy helped restore depositor confidence and ensured banks could meet their obligations while AMCON prepared eligible assets for disposal.
Alade added that AMCON’s enabling law gives it priority over collateral and contract-related cases involving debtors.
“As part of our recovery strategy, we have commissioned some foreign asset tracers who will help us locate where some of these obligors have hidden their assets across the globe,” he said.
Financial Performance
The AMCON chief said that since he assumed office, the corporation has recorded N156.25 billion in total revenue and N29.04 billion in operating expenses — a 19 percent operating revenue-to-expense ratio.
For 2025, AMCON projects N215.15 billion in revenue and operating expenses of N29.06 billion, putting the operating-to-revenue ratio at about 13.5 percent.
‘AMCON Has Recovered 87% of Debts’
Alade said the corporation has recovered over 87 percent of debts based on purchase balances — a performance he described as superior to most asset management agencies globally.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s only achieved 58 percent. The Chinese Asset Management Corporation… achieved just 33 percent,” he said.
“Only the Korean Asset Management Corporation (KAMCO) South Korea has achieved more recoveries than AMCON, with about 100 percent… Without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realised.”
Enforcement and Legal Progress
He said AMCON has hired consultants to audit cases across the federal high court, court of appeal, and supreme court, while the judiciary has approved new practice directions to accelerate debt recovery. The federal high court, he noted, has also created insolvency units to fast-track pending disputes.
Alade said the corporation continues to enjoy strong backing from President Bola Tinubu, the judiciary, the CBN, the ministry of finance, the office of the attorney-general, the EFCC, ICPC, the police, the national assembly, and other strategic institutions.
However, he warned that some debtors may attempt to “manipulate public narratives”.
“Please note that most of them took the loans with no intention whatsoever to repay the debt… No matter the skewed narration they peddle in the newsrooms, kindly take it with a pinch of salt… we have the accurate records, which is evident in some of the landmark cases that we have won against many of the obligors.”
Alade said AMCON would continue to pursue recoveries “with the fear of God, love of country, and adherence to the rule of law”.
