The Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to unlocking the full value of Nigeria’s legacy telecommunications assets.
Speaking on the ongoing transformation of NTEL/NATCOM as one of its most promising asset recovery and investment success stories, the Managing Director and Chief Executive Officer of AMCON, Mr. Gbenga Alade, told media executives in Lagos that following the successful divestment of the Ibadan Electricity Distribution Company (IBEDC), the Corporation has commenced 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 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 represents a major milestone in the revitalisation of the legacy NITEL assets, which remain 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 has 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 towards positioning this Nigerian-owned company to compete favourably with its peers both locally and internationally,” local media reports quoted Alade as saying.
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 ₦165 billion between January and June, 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 cost-to-recovery ratio of 2.3 per cent, underscoring the efficiency of its debt recovery operations.
The AMCON boss also announced that the Corporation recently secured what he described as a landmark Supreme Court judgment that would have far-reaching 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 to address the financial crisis arising from the systemic banking challenges of 2008.
He said the Supreme Court also ruled that AMCON was exempt from the payment of stamp duties and confirmed that, irrespective of the size of an obligor’s indebtedness, the Corporation possesses the statutory authority to dispose of collateral assets in enforcing its rights and recovering 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 stated.
GIK/APA