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LAGOS – The Asset Management Corporation of Nigeria (AMCON) has intensified efforts to unlock the value of Nigeria’s legacy telecommunications assets, with the corporation set to commence the divestment of its interests in NTEL/NATCOM as part of a broader strategy to attract credible strategic investors and maximise returns for the Nigerian people.
AMCON Managing Director and Chief Executive Officer, Mr. Gbenga Alade, disclosed this at an interactive session with senior media executives in Lagos at the weekend, describing the ongoing transformation of NTEL, successor company to the former Nigerian Telecommunications Limited (NITEL), as potentially one of the corporation’s biggest asset recovery and investment success stories.
Alade said the planned telecommunications divestment followed the successful divestment of the Ibadan Electricity Distribution Company (IBEDC), adding that AMCON was adopting a transparent and structured process to reposition its telecommunications assets and attract investors capable of taking NTEL to the next level.
He explained that NTEL had embarked on a comprehensive three-pronged transformation strategy designed to reposition the company as an attractive investment proposition for world-class investors.
According to him, the strategy is aimed at maximising the value of the company, improving its operational competitiveness and ensuring its long-term sustainability under new investment ownership.
“The repositioning effort is designed to maximise value, strengthen operational competitiveness and prepare the business for long-term sustainability under new investment,” Alade said.
The AMCON chief expressed confidence in the board and management of NTEL/NATCOM, commending their experience, innovation, diligence and commitment to rebuilding the company and positioning it for stronger competition within Nigeria and the international telecommunications market.
“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 said further details of the divestment process would be made public as key milestones were reached, stressing that AMCON would maintain transparency throughout the exercise.
The planned divestment, he added, was consistent with AMCON’s statutory mandate to recover value from distressed assets while supporting economic growth and contributing to the stability and confidence of Nigeria’s financial system.
Recovery Hits N165bn
Beyond its telecommunications portfolio, Alade disclosed that AMCON recorded a significant improvement in its recovery operations during the first half of the year, recovering approximately N165 billion between January and June 2026.
The figure represents a 64 percent increase over the N107 billion recovered during the corresponding period of 2025.
The performance, according to the AMCON boss, demonstrates the corporation’s increasing efficiency in pursuing outstanding obligations despite the complexities surrounding distressed assets and debt recovery in Nigeria.
He noted that AMCON achieved the recovery at a cost-to-recovery ratio of only 2.3 percent, indicating that the corporation continued to deploy its resources efficiently in the pursuit of outstanding debts.
The development is significant for AMCON as the corporation continues to seek ways of reducing the burden of non-performing and distressed assets transferred to it following the banking crisis while maximising recoveries on behalf of the Federal Government.
Supreme Court Victory Boosts Recovery Powers
Alade also disclosed that AMCON recently secured a landmark judgment at the Supreme Court, which he said would have significant 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 as a special intervention mechanism to address the financial crisis that followed the systemic banking challenges of 2008.
He said the Supreme Court further ruled that AMCON was exempt from payment of stamp duties and affirmed the corporation’s statutory authority to dispose of collateral assets in enforcing its rights and recovering outstanding obligations, irrespective of the size of an obligor’s indebtedness.
AMCON Sunset Not Debtors’ Decision’
On calls for the winding down of AMCON, Alade alleged that some of those demanding the corporation’s closure were debtors seeking to frustrate its recovery activities.
He maintained that the decision on when AMCON would cease operations remained the prerogative of the corporation’s board and the Central Bank of Nigeria (CBN), rather than individuals or obligors affected by its recovery activities.
He said AMCON remained focused on recovering outstanding debts owed to the corporation on behalf of Nigerians, stressing that the corporation would continue to deploy all lawful mechanisms available to it in fulfilling its mandate.
