AMCON plans NTEL divestment, reports N165bn debt recovery

The Asset Management Corporation of Nigeria (AMCON) is actively pursuing a strategic divestment from the telecommunications sector, signaling a major shift in its portfolio. AMCON's Managing Director, Gbenga Alade, announced plans to reposition NTEL/NATCOM, the successor to the former Nigerian Telecommunications Limited, to attract world-class investors.

“

The repositioning effort is designed to maximise value, strengthen operational competitiveness and prepare the business for long-term sustainability under new investment.

This repositioning involves a three-pronged transformation strategy designed to enhance NTEL's value, strengthen its operational competitiveness, and ensure long-term sustainability under new ownership. Alade expressed confidence in the current Board and Management of NTEL/NATCOM, crediting their experience and commitment for laying a solid foundation for future growth. He anticipates NTEL's transformation will become a notable success story for AMCON in the telecommunications industry.

The planned divestment aligns with AMCON's core mandate of maximizing value from distressed assets while simultaneously supporting Nigeria's economic growth and bolstering confidence in its financial system. This initiative follows AMCON's successful divestment from the Ibadan Electricity Distribution Company, indicating a structured approach to asset disposition.

“

The remarkable transformation of NTEL is poised to become one of AMCON’s most notable success stories in the telecommunications sector.

In parallel, AMCON reported robust debt recovery figures for the first half of the year, collecting approximately N165 billion. This represents a substantial 64 percent increase compared to the N107 billion recovered during the same period in the previous year. The corporation also highlighted a cost-to-recovery ratio of 2.3 percent during this period, underscoring its efficiency in asset recovery efforts.

“

The planned telecommunications divestment aligns with AMCON’s statutory mandate to maximise value from distressed assets while supporting economic growth and strengthening confidence in Nigeria’s financial system.