By Olamilekan Abayomi
The Managing Director of AMCON, Gbenga Alade, told reporters in Lagos that the agency has already handed back about N3.6 trillion to the Central Bank of Nigeria since it was set up in 2010. That’s after the corporation spent roughly N1.7 trillion buying up the bad loans that were dragging banks down. Even after those repayments, AMCON still owes the CBN around N3 trillion — the interest on the money it borrowed to finance the purchases.
Alade highlighted that AMCON’s recovery rate is an impressive 87 percent, which he says beats most of its global peers. For comparison, Malaysia’s Danaharta managed only 58 percent, China’s state‑run asset managers got about 33 percent, and only South Korea’s KAMCO hit close to 100 percent thanks to aggressive enforcement.
He also noted that the agency’s work has helped keep depositors confident: by taking the toxic assets off banks’ books and injecting fresh capital, AMCON has helped stabilise the financial system and ensured banks can meet their obligations. The corporation is now focusing on tracing hidden assets abroad and has secured new court powers to speed up debt recovery.
Looking ahead, AMCON expects to recover N215 billion in 2025, with operating expenses projected at about N29 billion, giving it a cost‑to‑income ratio of roughly 13.5 percent . All in all, the agency is claiming a solid performance and a continued push to clear the remaining debt.
