AMCON repays N3.6trn to CBN, vows to pursue remaining N3trn debt

The Asset Management Corporation of Nigeria (AMCON) has announced it has repaid approximately N3.6 trillion to the Central Bank of Nigeria (CBN) since its inception in 2010.

Despite this significant repayment, the corporation still holds an overall debt burden of about N3 trillion.

AMCON’s Managing Director, Mr. Gbenga Alade, disclosed these figures during a media briefing in Lagos, hailing the repayment as a major national achievement.

He clarified that while AMCON initially paid N1.7 trillion to acquire toxic assets from distressed banks, its total repayments to the CBN have now more than doubled that initial outlay.

Alade credited AMCON with stabilizing Nigeria’s banking system by removing bad debts and injecting capital, a process he stated aligned with international standards.

This intervention, he noted, restored public confidence by assuring depositors of the banks’ stability.

To manage its remaining portfolio of Eligible Bank Assets, AMCON employs transparent, market-driven disposal processes.

The CEO highlighted the unique legal powers granted to AMCON by its Act, which prioritizes its claims over those of other creditors in disputes with debtors.

He also revealed that AMCON has enlisted international asset tracers to locate properties hidden abroad by obligors attempting to evade repayment.

Financially, AMCON reported revenues of N156.25 billion against operating expenses of N29.04 billion under Alade’s leadership, with expenses constituting just 19% of revenue—a figure he cited as evidence of disciplined spending.

He projected 2025 revenue to rise to N215.15 billion.

Alade asserted that AMCON’s recovery rate of over 87% surpasses the performance of similar agencies in Malaysia (58%) and China (33%), though it trails behind South Korea’s near-100% recovery rate achieved through stringent enforcement.

He emphasized that AMCON will not relent until all outstanding debts are recovered.

The corporation is receiving judicial support to expedite cases, including new court Practice Directions and dedicated Insolvency Units at the Federal High Court.

Alade acknowledged the backing of President Bola Tinubu, the judiciary, the CBN, and the Finance Ministry.

He concluded with a caution against debtors using the media to spread misinformation, urging journalists to verify claims with AMCON, and reaffirmed the corporation’s commitment to fulfilling its mandate lawfully and diligently.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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