AMCON Says It Has Repaid N3.6trn Recovered From Debtors’ Asset Sales to CBN
- AMCON said it has repaid about N3.6 trillion to the CBN since its creation in 2010, but still owes around N3 trillion
- The corporation said it is currently pursuing more than 3,000 litigation matters, and it has hired foreign asset trackers
- It said it recorded N156.25 billion in revenue with N29.04 billion in operating expenses, and it projects N215.15 billion in revenue for 2025
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, tech and macroeconomic trends in Nigeria.
The Asset Management Corporation of Nigeria (AMCON) has disclosed that it has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN) since its establishment in 2010. The agency disclosed this during a media parley in Lagos, noting that it still has an outstanding balance of about N3 trillion.
AMCON’s Managing Director and Chief Executive Officer, Gbenga Alade, said the corporation has continued to tighten its debt recovery efforts, even as it is currently involved in over 3,000 court cases across the country, Daily Trust reported.
Source: Getty Images
According to him, although AMCON spent N1.7 trillion purchasing toxic assets from struggling banks, it has remitted significantly more to the CBN. He explained that the intervention helped stabilise the banking sector by cleaning up non-performing loans and restoring confidence among depositors.
Alade said AMCON continues to manage the Eligible Bank Assets (EBAs) until they are disposed of. He added that the agency’s enabling law gives it priority in disputes involving collateral, a provision he described as one that alters the usual hierarchy of contractual and security rights.
The AMCON boss also revealed that the corporation has engaged foreign asset tracers to locate properties hidden abroad by high-profile debtors, The Sun reported.
“Some of these obligors have hidden their assets across the globe,” he said.
Reviewing the organisation’s finances, Alade said AMCON recorded N156.25 billion in total revenue and N29.04 billion in operating expenses under his leadership, representing a 19% operating revenue ratio. He projected revenue of N215.15 billion for 2025, with operating expenses expected to remain stable at about N29 billion, bringing the ratio down to 13.5%.
He also compared AMCON’s recovery rate to similar institutions globally, saying the corporation has achieved over 87% in recoveries. He noted that Malaysia’s Danaharta posted a 58% performance, while asset management companies in China recorded about 33%. Only South Korea’s KAMCO exceeded AMCON with a 100% recovery rate.
Source: Original
Alade said AMCON recently commissioned consultants to review all its cases at the Federal High Court, Court of Appeal and Supreme Court. He added that the judiciary has shown understanding of the corporation’s challenges, resulting in a new practice direction to speed up debt recovery and the creation of dedicated Insolvency Units at the Federal High Court.
He expressed appreciation to President Bola Tinubu, the judiciary, the CBN, the Ministry of Finance, the Attorney-General of the Federation, security agencies and the media for their support.
He said:
"AMCON will continue its mandate with the fear of God, love of country, and complete adherence to the rule of law.”
Alade also urged journalists to verify claims made by debtors, warning that some attempt to use the media to distort facts. He said AMCON maintains accurate records backed by several court judgments and has published its first legal compendium documenting key precedents.
AMCON sells IBEDC, seeks buyers for Silverbird's assets
Legit.ng reported that earlier this year, AMCON announced the sale of Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
AMCON is also looking to sell assets owned by Silverbird Entertainment. The assets were seized due to Silverbird's default on an N11 billion loan.
The corporation made a public advertisement for the sale of Silverbird’s assets across the country, including office complexes and residential buildings.
Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now!
Source: Legit.ng
