AMCON Begins Telecom Divestment as NTEL Transformation Gains Momentum
Speaking during an interactive session with senior media executives in Lagos, AMCON Managing Director and Chief Executive Officer, Gbenga Alade, said the move follows the successful divestment of the Ibadan Electricity Distribution Company (IBEDC) and forms part of the Corporation's broader strategy to maximize value from distressed assets while supporting economic growth.
The Asset Management Corporation of Nigeria (AMCON) has commenced the process of divesting its interests in the telecommunications sector, as it seeks to unlock the value of Nigeria’s legacy telecom assets and attract credible strategic investors.
Speaking during an interactive session with senior media executives in Lagos, AMCON Managing Director and Chief Executive Officer, Gbenga Alade, said the move follows the successful divestment of the Ibadan Electricity Distribution Company (IBEDC) and forms part of the Corporation’s broader strategy to maximize value from distressed assets while supporting economic growth.
According to Alade, NTEL, the successor to the former Nigerian Telecommunications Limited (NITEL), is undergoing a comprehensive three-pronged transformation aimed at repositioning the company as an attractive investment destination for global investors. He noted that the initiative is focused on improving operational competitiveness, maximizing asset value, and ensuring the company’s long-term sustainability ahead of the planned divestment.
Alade expressed confidence that the transformation of NTEL represents a major milestone in revitalizing Nigeria’s legacy telecommunications infrastructure and said AMCON has confidence in the Board and Management of NTEL/NATCOM to steer the company through its next phase of growth. He added that further updates on the divestment process will be provided as key milestones are achieved, with transparency remaining a priority throughout the exercise.
Beyond the telecommunications portfolio, Alade disclosed that AMCON recovered approximately ₦165 billion between January and June 2026, representing a 64% increase over the ₦107 billion recovered during the same period in 2025. He also noted that the Corporation maintained a 2.3% cost-to-recovery ratio, reflecting continued efficiency in its debt recovery operations.
The AMCON chief also announced that the Corporation recently secured a landmark Supreme Court judgment affirming that the AMCON Act constitutes a special legal regime established to address Nigeria’s 2008 banking crisis. He said the judgment also exempted the Corporation from paying stamp duties and confirmed its statutory authority to dispose of collateral assets in recovering outstanding debts, irrespective of the size of an obligor’s indebtedness.
Alade stated that despite the legal victory, AMCON remains focused on overcoming attempts by some debtors to frustrate its recovery efforts. He alleged that many of those calling for the Corporation’s closure are obligors seeking to avoid repayment and stressed that decisions regarding AMCON’s eventual sunset remain the exclusive responsibility of its Board and the Central Bank of Nigeria (CBN).
He added that AMCON has continued to strengthen collaboration with debt recovery agents, solicitors, and receiver managers through regular engagement and sensitization on the provisions of the AMCON Act. The Corporation has also reviewed the commission structure for its debt recovery partners in response to prevailing economic conditions, with the aim of sustaining momentum in its recovery efforts.
