AMCON plans NTEL divestment, reports N165bn debt recovery
July 27, 2026 12:02 am
AMCON CEO, Gbenga Alade.
The Asset Management Corporation of Nigeria has reaffirmed plans to divest its interests in the telecommunications sector, saying it is repositioning NTEL/NATCOM to attract strategic investors while reporting stronger debt recoveries in the first half of the year.
Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, disclosed this during an interactive session with senior media executives in Lagos at the weekend.
Alade said that following the successful divestment of the Ibadan Electricity Distribution Company, the corporation had commenced a transparent and structured process to divest its interests in the telecommunications sector.
According to him, NTEL, the successor company to the former Nigerian Telecommunications Limited, has embarked on a three-pronged transformation strategy aimed at repositioning the company as an attractive investment destination for world-class investors.
He said the transformation represents a major milestone in the revitalisation of the legacy NITEL assets. “The repositioning effort is designed to maximise value, strengthen operational competitiveness and prepare the business for long-term sustainability under new investment,” he said.
Alade expressed confidence in the Board and Management of NTEL/NATCOM, saying their experience, innovation, diligence and commitment had laid the foundation for the company’s next phase of growth.
“The remarkable transformation of NTEL is poised to become one of AMCON’s most notable success stories in the telecommunications sector. We have full confidence in the Board and Management of NTEL/NATCOM as they continue to demonstrate experience, innovation, diligence and commitment towards positioning this Nigerian-owned company to compete favourably with its peers both locally and internationally,” he said.
He added that updates on the divestment process would be communicated as key milestones are achieved, reaffirming the corporation’s commitment to transparency throughout the exercise.
Alade said the planned telecommunications divestment aligns with AMCON’s statutory mandate to maximise value from distressed assets while supporting economic growth and strengthening confidence in Nigeria’s financial system.
He also disclosed that the corporation recovered about ₦165bn between January and June, representing a 64 per cent increase over the ₦107bn recovered during the corresponding period in 2025.
According to him, AMCON maintained a cost-to-recovery ratio of 2.3 per cent during the period. The AMCON boss also announced that the corporation recently secured what he described as a landmark Supreme Court judgment with implications for debt recovery and the administration of justice.
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 has 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 said.
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, adding that AMCON remains focused on recovering outstanding debts owed to the corporation on behalf of the Nigerian people.
Alade said AMCON had continued to strengthen collaboration with its stakeholders, noting that regular engagements with debt recovery partners, solicitors and receiver managers had helped improve the corporation’s recovery strategies.
“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,” he said.
Arinze Nwafor is a journalist at Punch Newspapers with five years of experience reporting on Nigeria’s economy, industry, data, metro, and judiciary. He focuses on highlighting growth, policy, and market challenges shaping Africa’s largest economy. Arinze’s reporting reflects practical newsroom experience, editorial judgment, and a strong commitment to accurate, informative, and audience-focused journalism.
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