By OLAWUNMI ASHAFA

The Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to unlocking the full potential of Nigeria’s legacy telecommunications assets, describing the ongoing transformation of NTEL/NATCOM as one of its most notable asset recovery and investment achievements.

Managing Director and Chief Executive Officer of AMCON, Mr Gbenga Alade, disclosed this during an interactive session with newsmen in Lagos.

He said that following the successful divestment of the Ibadan Electricity Distribution Company (IBEDC), the Corporation had begun the process of divesting its interests in the telecommunications sector through a transparent and structured programme designed to attract credible strategic investors.

According to Alade, NTEL, the successor company to the former Nigerian Telecommunications Ltd. (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 represents a major milestone in the revitalisation of the legacy NITEL assets, which remained an important part of Nigeria’s telecommunications history and 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 noted that AMCON had full confidence in the Board and Management of NTEL/NATCOM, describing their experience, innovation, diligence and commitment as critical to laying a solid 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 toward 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 communicated as key milestones are achieved, reaffirming the corporation’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.

He also highlighted the corporation’s improved operational performance during the first half of the year, revealing that AMCON recovered approximately N165 billion between January and June, representing a 64 per cent increase over the N107 billion recovered during the corresponding period in 2025.

According to him, the corporation maintained a low cost-to-recovery ratio of 2.3 per cent, underscoring the efficiency of its debt recovery operations.

The AMCON boss also stated that the corporation had recently obtained a landmark judgment from the Supreme Court, which he noted would have far-reaching consequences 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 to address the financial crisis arising from the systemic banking challenges of 2008.

He said that the Supreme Court had exempted AMCON from stamp duties and confirmed that the corporation could dispose of collateral assets to recover debts, regardless of the size of the obligor’s indebtedness.

“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 stated.

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 remains the exclusive prerogative of its Board and the Central Bank of Nigeria (CBN), adding that AMCON is focused on recovering outstanding debts owed to the corporation on behalf of Nigerians.

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. (NAN)

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