The Asset Management Corporation of Nigeria (AMCON) has announced that it has recovered over N1.96 trillion to date. In a recent statement, Gbenga Alade, AMCON’s managing director, detailed that 43 percent of this recovery is in cash.
During a visit from the house of representatives committee on banking and other ancillary institutions, led by Eze Nwachukwu Eze, Alade discussed the corporation’s achievements despite a challenging start. He highlighted that AMCON’s recovery efforts have been supported by the national assembly.
“To date, the corporation has recovered N1.960 trillion,” Alade stated. “Of this, 43 percent is cash recovery, 13 percent from the sale of bridged banks, 11 percent from the sale of proprietary shares, nine percent from clawback and repurchases, nine percent from property assets and rentals, and seven percent from investment income. The remaining seven percent comes from other sources.”
Alade further mentioned that AMCON has sold proprietary assets worth about N651 billion since its inception. Additionally, the agency has repaid a total of N2.929 trillion to the Central Bank of Nigeria (CBN) from 2013 to 2023, which includes contributions from other deposit money banks and AMCON’s own recoveries.
Eze Nwachukwu Eze urged AMCON to continue innovating and adopting best practices in asset recovery, management, transparency, accountability, and efficiency. He emphasized that maintaining these principles would ensure the committee’s ongoing support and effective legislative oversight to help AMCON fulfill its recovery mandate.
