The Asset Management Corporation of Nigeria (AMCON) has commenced the process of divesting its interests in NTEL/NATCOM, describing the transformation of the telecommunications company as one of its most promising asset recovery and investment success stories.
Managing Director and Chief Executive Officer of AMCON, Mr. Gbenga Alade, disclosed this during an interactive session with senior media executives in Lagos at the weekend. He said that following the successful divestment of the Ibadan Electricity Distribution Company (IBEDC), the Corporation has launched a transparent and structured programme to attract credible strategic investors into NTEL.
According to Alade, NTEL, the successor to the former Nigerian Telecommunications Limited (NITEL), has embarked on a comprehensive three-pronged transformation strategy aimed at repositioning the company as an attractive investment destination for world-class investors.
He expressed confidence that the transformation of NTEL marks a significant milestone in revitalising the legacy NITEL assets, which remain an important part of Nigeria’s telecommunications infrastructure.
“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 said AMCON has full confidence in the Board and Management of NTEL/NATCOM, describing their experience, innovation, diligence and commitment as key to positioning the company for its 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 further updates on the divestment process would be announced as key milestones are achieved, reaffirming AMCON’s commitment to transparency throughout the exercise.
Alade explained that 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.
The AMCON boss also highlighted the Corporation’s improved operational performance, revealing that it recovered approximately ₦165 billion between January and June 2026, representing a 64 per cent increase over the ₦107 billion recovered during the corresponding period in 2025.
According to him, the Corporation maintained a low 2.3 per cent cost-to-recovery ratio, reflecting the efficiency of its debt recovery operations.
Alade also announced that AMCON recently secured what he described as a landmark Supreme Court judgment with far-reaching implications for debt recovery and the administration of justice in Nigeria.
He said the apex court affirmed that the AMCON Act constitutes a special legal framework that should be interpreted purposively because the Corporation was established to address the financial crisis arising from the systemic banking challenges of 2008.
According to him, the Supreme Court also ruled that AMCON is exempt from paying stamp duties and confirmed that, regardless of the size of an obligor’s indebtedness, the Corporation has the statutory authority to dispose of collateral assets to enforce its rights and recover 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 for the winding down of AMCON, he alleged that many of those advocating the Corporation’s closure are debtors seeking to frustrate its recovery efforts.
He stressed that decisions regarding AMCON’s sunset remain the exclusive responsibility of its Board and the Central Bank of Nigeria (CBN), adding that the Corporation remains focused on recovering outstanding debts on behalf of the Nigerian people.
Alade said AMCON has continued to strengthen collaboration with its stakeholders through regular engagements with debt recovery partners, solicitors and receiver managers to improve 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.
