AMCON Launches Process to Sell NTEL, Invites Strategic Bidders
Pecohub The Asset Management Corporation of Nigeria (AMCON) has commenced the process of divesting its interests in NTEL/NATCOM, saying the telecommunications firm has undergone a major transformation to position itself as an attractive investment destination for credible strategic investors.
Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, disclosed this during an interactive session in Lagos at the weekend.
He said the move followed the successful divestment of the Ibadan Electricity Distribution Company (IBEDC) and forms part of a transparent and structured programme aimed at unlocking value from the Corporation’s telecommunications assets.
According to Alade, NTEL, the successor company to the former Nigerian Telecommunications Limited (NITEL), has embarked on a three-pronged transformation strategy designed to reposition the company for long-term growth under new investors.
He described the ongoing transformation as one of AMCON’s most promising asset recovery and investment success stories, expressing confidence that it would mark a major milestone in the revitalisation of the legacy NITEL assets.
He also commended the board and management of NTEL/NATCOM, saying their experience, innovation and commitment have laid a strong foundation for the company’s next phase of growth.
Alade added that updates on the divestment process would be provided as key milestones are achieved, stressing that the corporation would maintain transparency throughout the exercise.
He noted that the planned divestment aligns with AMCON’s mandate to maximise value from distressed assets while supporting economic growth and strengthening confidence in Nigeria’s financial system.
The AMCON chief also announced that the corporation recovered about N165 billion between January and June, representing a 64 per cent increase from the N107 billion recovered in the corresponding period of 2025. He added that AMCON maintained a cost-to-recovery ratio of 2.3 per cent during the period.
On the legal front, Alade said AMCON recently secured a landmark Supreme Court judgment with significant implications for debt recovery and the administration of justice. According to him, the apex court affirmed that the AMCON Act is a special legal regime that should be interpreted purposively because the Corporation was created to address the banking crisis of 2008.
He said the court also ruled that AMCON was exempt from the payment of stamp duties and confirmed that the Corporation has the statutory authority to dispose of collateral assets to recover outstanding debts, regardless of the size of an obligor’s indebtedness.
Responding to calls for the winding down of AMCON, Alade said that many of those advocating the Corporation’s closure are debtors seeking to frustrate its recovery efforts.
He maintained that decisions on the Corporation’s sunset remain the exclusive responsibility of its board and the Central Bank of Nigeria (CBN), adding that AMCON remains committed to recovering debts owed to it on behalf of Nigerians.
He said the Corporation has strengthened collaboration with debt recovery partners, solicitors and receiver managers through regular engagements to improve recovery strategies.
