By Boluwatife Oshadiya | July 27, 2026
Key Points
- AMCON has commenced the divestment of its interests in NTEL/NATCOM following the successful sale of IBEDC
- The corporation says NTEL has undergone a three-pronged transformation to attract credible strategic investors
- AMCON recovered ₦165 billion in the first half of 2026, representing a 64% increase year-on-year
Main Story
The Asset Management Corporation of Nigeria (AMCON) has commenced the process of divesting its interests in NTEL/NATCOM, saying the former national telecommunications operator has been repositioned to attract credible strategic investors following an extensive transformation programme.
Speaking during an interactive session with journalists 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 aligns with the corporation’s mandate to maximise value from distressed assets while supporting economic growth.
According to Alade, NTEL—the successor to the defunct Nigerian Telecommunications Limited (NITEL)—has implemented a comprehensive three-pronged transformation strategy designed to improve operational competitiveness, maximise enterprise value and prepare the business for long-term sustainability under new ownership.
“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 toward positioning this Nigerian-owned company to compete favourably with its peers both locally and internationally,” Alade said.
He added that the divestment process would be conducted through a transparent and structured programme, with further updates to be provided as key milestones are achieved.
Beyond the telecommunications divestment, Alade disclosed that AMCON recovered approximately ₦165 billion between January and June 2026, representing a 64% increase from the ₦107 billion recovered during the corresponding period in 2025. He also said the corporation maintained a cost-to-recovery ratio of 2.3%, reflecting improved operational efficiency.
The AMCON chief further highlighted a recent Supreme Court judgment affirming that the AMCON Act constitutes a special legal regime. According to him, the ruling exempts the corporation from stamp duties and reinforces its powers to dispose of collateral assets for debt recovery regardless of the size of an obligor’s indebtedness.
Responding to calls for the corporation’s winding down, Alade argued that many of those advocating its closure are debtors seeking to frustrate recovery efforts. He maintained that any decision on AMCON’s sunset remains the responsibility of its Board and the Central Bank of Nigeria (CBN).
What’s Being Said
“The repositioning effort is designed to maximise value, strengthen operational competitiveness and prepare the business for long-term sustainability under new investment,” said Gbenga Alade, Managing Director and Chief Executive Officer of AMCON.
Alade also stated that “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.”
What’s Next
- AMCON is expected to begin engaging prospective strategic investors as the NTEL divestment process progresses.
- The corporation says additional updates will be released as major milestones in the divestment programme are achieved.
- AMCON will continue its debt recovery drive while leveraging the recent Supreme Court judgment to strengthen enforcement actions.
The Bottom Line:
AMCON’s planned exit from NTEL marks another significant step in its strategy to monetise distressed assets while reducing its direct involvement in commercial enterprises. The success of the divestment will largely depend on investor confidence in Nigeria’s telecommunications sector and the effectiveness of NTEL’s operational turnaround.
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