The government-owned Asset Management Corporation of Nigeria (AMCON), which was founded in 2010 with the goal of stabilizing and reviving the Nigerian financial system, recovered N156 billion from debtors in 2024 and aims to recover N215 billion by the end of 2025. Mr. Gbenga Alade, the company’s managing director and CEO, said this in Lagos and added that the company has paid back the Central Bank of Nigeria (CBN) almost N3.6 trillion since its founding.He claimed that although it had paid N1.7 trillion to buy the banks’ toxic assets, it had been able to pay back almost N3.6 trillion and still owed roughly N3 trillion in interest. According to him, AMCON rebuilt the banks in accordance with corporate insolvency restructuring principles by removing hazardous assets from their accounts and adding new capital.
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