AMCON moves to divest NTEL after repositioning telecom asset

The Asset Management Corporation of Nigeria (AMCON) has commenced plans to divest its interests in NTEL/NATCOM after repositioning the telecommunications company for strategic growth, as it intensifies efforts to maximise value from distressed assets and improve debt recoveries.

Managing Director and Chief Executive Officer of AMCON, Mr Gbenga Alade, disclosed this during an interactive session with senior media executives in Lagos, saying the move follows the successful divestment of the Ibadan Electricity Distribution Company (IBEDC).

He said the Corporation had begun a transparent and structured divestment process aimed at attracting credible strategic investors into the telecommunications business.

According to Alade, NTEL, the successor to the former Nigerian Telecommunications Limited (NITEL), has undergone a comprehensive three-pronged transformation programme designed to strengthen its operational competitiveness, enhance value and position it for long-term sustainability under new ownership.

He described the ongoing transformation as one of AMCON’s most significant asset recovery achievements, expressing confidence that the repositioning of the telecom operator would become one of the Corporation’s biggest success stories.

“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 commended the Board and management of NTEL/NATCOM for what he described as their experience, innovation and commitment in repositioning the company to compete effectively within Nigeria’s telecommunications industry.

“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,” he added.

He assured that updates on the divestment programme would be provided as key milestones are achieved, stressing that the process would be conducted transparently.

Alade said the planned sale aligns with AMCON’s statutory mandate of recovering value from distressed assets while supporting economic growth and reinforcing confidence in Nigeria’s financial system.

Providing an update on the Corporation’s operations, he disclosed that AMCON recovered approximately N165 billion between January and June 2026, representing a 64 per cent increase from the N107 billion recovered during the corresponding period of 2025.

He added that the Corporation maintained a low cost-to-recovery ratio of 2.3 per cent, underscoring improvements in operational efficiency.

The AMCON boss also announced that the Corporation recently secured what he described as a landmark Supreme Court judgment that strengthens its debt recovery powers.

According to him, the apex court affirmed that the AMCON Act constitutes a special legal framework established to address the banking crisis that followed the 2008 financial meltdown.

He said the judgment also confirmed that AMCON is exempt from paying stamp duties and possesses the statutory authority to dispose of collateral assets to recover outstanding debts, irrespective of the size of an obligor’s indebtedness.

“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 said.

Responding to calls for the Corporation to be wound down, he alleged that many advocates of AMCON’s closure are debtors seeking to frustrate recovery efforts.

He maintained that decisions regarding the Corporation’s sunset remain the responsibility of its Board and the Central Bank of Nigeria (CBN), stressing that AMCON remains committed to recovering public funds on behalf of Nigerians.

Alade added that the Corporation has strengthened collaboration with debt recovery agents, solicitors and receiver managers through continuous engagement and training on the provisions of the AMCON Act.

He disclosed that AMCON had also reviewed the commission structure for debt recovery partners to reflect prevailing economic realities, expressing confidence that the improved incentives would further enhance debt recovery performance.