The Asset Management Corporation of Nigeria (AMCON) has offered a major retrospective into its operations, revealing the cumulative amount recovered since its establishment in 2010 — a figure running into trillions of naira and fully remitted to the Central Bank of Nigeria (CBN).
The disclosure comes as economists and financial experts say AMCON’s decade-long recovery efforts have been pivotal in restoring confidence in the Nigerian financial system.
More than a decade after it stepped in to rescue Nigeria’s banking industry from collapse, AMCON has released new details highlighting the scale of its debt recovery efforts since inception. Established at a time when toxic assets and non-performing loans threatened the stability of the financial system, AMCON acquired distressed assets from banks and began the long, complex process of recovering them.
Today, the corporation says its cumulative recoveries — now officially disclosed — underscore the impact of its intervention. All funds, it confirmed, have been fully remitted to the Central Bank of Nigeria (CBN) to support ongoing financial system stability.
A Difficult Mandate, A Hard-Won Achievement
From the outset, AMCON faced an uphill task: loan defaulters spread across multiple sectors, abandoned assets, strategic litigations, and a weak credit culture. But through stringent enforcement, restructuring, negotiated settlements, and asset disposals, the corporation gradually pushed back.
Economist Dr. Celestine Ukpong described AMCON’s recovery performance as “a critical stabilising force without which Nigeria’s banking system may not have survived the shocks of the last decade.”
According to him, AMCON’s mandate went beyond debt recovery:
“AMCON restored trust in the financial system during a period of uncertainty. Its recoveries, now fully remitted to the CBN, show a disciplined financial operation and a rare example of institutional accountability in Nigeria,” Ukpong noted.
On his part, financial expert and Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Mr. Peter Adebayo, said AMCON’s journey reflects “the hidden struggle behind the scenes to rebuild the balance sheets of Nigerian banks.”
He added:
“What AMCON has announced is not just a number; it represents years of battles in the courts, negotiations with recalcitrant obligors, and painstaking asset management. The fact that every recovered naira goes directly to the CBN reinforces AMCON’s commitment to transparency and national financial stability.”
A Legacy That Reshaped Nigeria’s Financial Culture
The effects of AMCON’s work ripple far beyond the banking sector:
- Banks returned to stability, strengthened their capital positions, and regained profitability.
- Investor confidence improved, supporting deeper participation in capital markets.
- Regulators strengthened oversight, learning from systemic weaknesses exposed during the crisis.
- Nigeria’s credit culture began a slow but visible transformation as enforcement tightened.
With plans underway for AMCON’s eventual wind-down, the corporation’s latest disclosure serves not only as a financial update but as a reflection on its role as Nigeria’s crisis-response institution.
Experts agree that AMCON’s intervention remains one of the most consequential financial rescue operations in the nation’s history — a reminder of how deliberate policy actions can avert systemic collapse.
AMCON releases flashback report revealing trillions recovered since inception and fully remitted to the CBN, as experts Dr. Celestine Ukpong and Peter Adebayo FCA applaud the corporation’s role in stabilising Nigeria’s financial system.
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
