The Asset Management Corporation of Nigeria (AMCON) has successfully repaid N3.6 trillion to the Central Bank of Nigeria (CBN), marking one of the largest single debt settlements in the country’s financial history.
The Managing Director of AMCON, Mr. Ahmed Lawan Kuru, disclosed this during a media briefing in Abuja on Thursday, describing the repayment as a significant step in stabilising Nigeria’s financial sector.
“AMCON has now remitted a total of N3.6 trillion to the Central Bank. This demonstrates our commitment to resolving the toxic assets that once threatened the stability of the banking industry,” Kuru said.
Milestone in Banking Sector Reform
Established in 2010 to rescue distressed banks and absorb non-performing loans, AMCON has been tasked with recovering debts from individuals and companies whose defaulted obligations burdened the financial system.
According to Kuru, the corporation has intensified its recovery strategies in recent years, leading to improved efficiency and increased repayments.
“The repayment reflects not only improved recoveries but also better compliance and cooperation from obligors,” he added.
Positive Outlook for Financial Stability
Economists say the repayment will ease pressure on the CBN and contribute to stronger liquidity management across the banking sector.
Financial analysts also note that the milestone could restore investor confidence, especially as Nigeria pushes for reforms in the monetary and fiscal space.
Outstanding Obligations and Next Steps
Despite the progress, AMCON still faces challenges in retrieving funds from high-profile debtors.
Kuru emphasized that the corporation will continue to pursue legal and regulatory measures to ensure full recovery of outstanding obligations.
“We are not stopping. Recoveries remain our top priority, and we will continue to engage all stakeholders to ensure AMCON fulfills its mandate,” he said.
Government Commends Effort
The Ministry of Finance praised AMCON’s repayment effort, describing it as a crucial boost to Nigeria’s financial health.
Officials said the development aligns with the government’s broader strategy to strengthen credit markets and reduce systemic risks.
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