Daud Olatunji
The Asset Management Corporation of Nigeria has recovered N165bn from delinquent debtors in the first six months of 2026, representing a 64 per cent increase from the N107bn recovered during the corresponding period in 2025.
The 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 the corporation also sustained an efficient recovery process, recording a cost-to-recovery ratio of 2.3 per cent, which he said reflected prudent management of resources in pursuing outstanding debts.
He also announced that AMCON recently secured what he described as a landmark judgment from the Supreme Court, saying the verdict would strengthen debt recovery efforts and improve the administration of justice in the country.
According to him, the apex court affirmed that the AMCON Act is a special legal framework that should be interpreted purposively because the corporation was created to address the financial crisis triggered by the 2008 banking sector collapse.
He explained that the Supreme Court further ruled that AMCON is exempt from paying stamp duties and possesses the statutory authority to dispose of collateral assets, regardless of the size of a debtor’s outstanding obligations, in enforcing its rights and recovering debts.
Alade said the judgment had reinforced the corporation’s legal powers but noted that some debtors continued to deploy tactics aimed at frustrating its recovery efforts.
“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,” he said.
The AMCON boss also dismissed calls by some individuals for the corporation to be wound down, alleging that many of those advocating its closure were indebted to the agency and were seeking to undermine its debt recovery drive.
He maintained that the decision on when AMCON would cease operations rests solely with its Board and the Central Bank of Nigeria, stressing that the corporation remained committed to recovering public funds tied up in non-performing loans.
Alade added that AMCON had intensified collaboration with debt recovery agents, solicitors and receiver managers to improve the effectiveness of its recovery operations.
According to him, the corporation regularly trains and sensitises its recovery partners on the provisions of the AMCON Act to ensure they are well-equipped to handle court proceedings involving the agency.
He disclosed that AMCON had also reviewed the commission structure for debt recovery agents and other partners in response to prevailing economic realities, expressing confidence that the move would further enhance recoveries.
“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,” Alade added.
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