The Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to unlocking the value of Nigeria’s legacy telecommunications assets, describing the ongoing transformation of NTEL/NATCOM as one of its most promising asset recovery and investment success stories.
Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, disclosed this during an interactive session with senior media executives in Lagos over the weekend.
Alade said that following the successful divestment of the Ibadan Electricity Distribution Company (IBEDC), the corporation has begun the process of divesting its interests in the telecommunications sector through a transparent and structured programme aimed at attracting credible strategic investors.
According to him, NTEL, the successor to the former Nigerian Telecommunications Limited (NITEL), has embarked on a comprehensive three-pronged transformation strategy to reposition the company as an attractive investment destination for world-class investors.
He expressed confidence that the transformation marks a significant milestone in the revitalisation of the legacy NITEL assets, which remain an important part of Nigeria’s telecommunications infrastructure.
Alade said the repositioning effort is designed to maximise value, strengthen operational competitiveness and prepare the company for long-term sustainability under new ownership.
He also expressed confidence in the Board and Management of NTEL/NATCOM, describing their experience, innovation and commitment as key factors in laying the foundation for the company’s next phase of growth.
According to him, the ongoing transformation is expected to become one of AMCON’s most notable success stories in the telecommunications sector, positioning the Nigerian-owned company to compete effectively with both local and international peers.
Alade said further updates on the divestment process would be provided as key milestones are achieved, reaffirming AMCON’s commitment to transparency throughout the exercise.
He explained that the planned telecommunications divestment aligns with the corporation’s statutory mandate to maximise value from distressed assets while supporting economic growth and strengthening confidence in Nigeria’s financial system.
The AMCON chief also highlighted the corporation’s improved operational performance during the first half of 2026.
He revealed that AMCON recovered approximately ₦165 billion between January and June 2026, representing a 64 per cent increase compared to the ₦107 billion recovered during the same period in 2025.
According to Alade, the corporation maintained a cost-to-recovery ratio of 2.3 per cent, demonstrating the efficiency of its debt recovery operations.
He further announced that AMCON recently secured what he described as a landmark Supreme Court judgment with significant implications for debt recovery and the administration of justice in Nigeria.
Alade 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 caused by the 2008 banking sector challenges.
He added that the Supreme Court also ruled that AMCON is exempt from paying stamp duties and confirmed that the corporation has the statutory authority to dispose of collateral assets to recover outstanding debts, regardless of the size of an obligor’s indebtedness.
