Sunday Ojeme 
The Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Gbenga Alade, has disclosed that the Corporation has sold several high-profile assets worth billions of naira since the lifting of the ban on asset sales.
Speaking during an interactive session with media executives in Lagos on Thursday, Alade decried the extent of damage inflicted on Nigeria’s economy by high-profile debtors who, according to him, never intended to repay their loans.
“If you recall, the last time we met, we told you there was a ban on asset sales. But today, with the Board now in place, the sale of assets by AMCON has been lifted. Consequently, we have sold some high-profile assets running into several billions of naira,” he said.
On the sale of the Ibadan Electricity Distribution Company (IBEDC), one of the DisCos previously under AMCON management, Alade revealed that it was sold to a preferred bidder for ₦100 billion and will soon be handed over.
He added that some assets initially undervalued were recovered and eventually sold at prices well above earlier bids.
On efforts to ensure full recovery of debts owed to AMCON, Alade said the Corporation is aware of obligors’ tactics and enjoys strong backing from President Bola Tinubu and other key agencies of government to drive the recovery process.
“Unfortunately for them, we were told of this trend before we assumed office. So, we are not deterred by these antics. Our appointment is a call to serve the motherland, and we will deliver that with all humility and sincerity of purpose.
“Dealing with AMCON’s recalcitrant debtors is not easy, but dealing with such debtors who are in government, holding very high positions across different decision-making portfolios, is one of the most challenging tasks that I have ever faced in my career,” he said.
According to him, AMCON’s recovery efforts have been strongly supported by President Tinubu, the judiciary, the Central Bank of Nigeria, the Federal Ministry of Finance, the Attorney-General of the Federation, the EFCC, the Police, the ICPC, the National Assembly, and other sister agencies.
“Under our executive management, with my humble self in the saddle, AMCON will continue to go about our recovery mandate with the fear of God, love of country, and in strict adherence to the rule of law. No matter the skewed narratives these obligors may give you in your newsrooms, kindly take them with a pinch of salt.”
Alade also said that Arik Air (in receivership) is returning to profitability, and engagements with AfreximBank are yielding positive results. He noted that Aero Contractors is delivering value, being the only airline in Nigeria with a Maintenance, Repair, and Overhaul (MRO) facility — a testament to effective management.
He affirmed that the divestment of IBEDC is nearly complete and will soon be concluded.
While noting ongoing distractions, Alade said AMCON is working to secure the best value for its assets. He also revealed that the Corporation has commissioned foreign asset tracers to locate assets hidden abroad by debtors.
AMCON was established to manage non-performing loans (NPLs) in the banking sector by acquiring toxic assets from commercial banks and injecting liquidity into the system. This strategy helped restore depositor confidence and stabilize the financial system. The Corporation subsequently manages and disposes of acquired Eligible Bank Assets (EBAs) in line with corporate restructuring principles.
