Joyce Onwuka
The management of the Daily Telegraph Publishing Company Limited, publishers of New Telegraph, Saturday Telegraph, and Sunday Telegraph newspapers, has nominated the Asset Management Corporation of Nigeria (AMCON) as one of the recipients of the New Telegraph Awards for its stellar performance in debt recovery.
A letter signed by the Managing Director/Editor-in-Chief of New Telegraph newspaper, Mr Ayodele Aminu, and titled, Special Recognition (Stellar Performance In Asset Recovery) Award, reads in parts: “We wish to use this medium to convey to you, Sir, the nomination of the Asset Management Corporation of Nigeria (AMCON), for the Special Recognition (Stellar Performance in Asset Recovery) Award 2025 by the Board of Editors and Panel of Judges of Daily Telegraph Publishing Company Limited, publishers of New Telegraph, Saturday Telegraph, and Sunday Telegraph newspapers.
“As Nigeria’s most authoritative newspaper in politics and business, our responsibility is not just to inform, educate, and entertain our readers; we also have a duty to identify trailblazers in various sectors of the Nigerian economy. Clearly, AMCON is an industry leader when compared to other notable government-owned Asset Management Corporations around the world. This is because, based on the balance at purchase, AMCON outperformed its peers all over the world by achieving over 87% in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“In terms of financial performance, the Corporation has also performed exceedingly well. For instance, it posted a strong total revenue of N156.25 billion in 2024 and has projected an increased total revenue of N215.15 billion for 2025.
“In addition, despite the effects of the 2008 global financial crisis, AMCON has, undoubtedly, played a critical role in ensuring that bank depositors continue to have confidence in the country’s financial system. Reason: the AMCON Act repose in the Corporation the legal mandate to manage Non-Performing Loans (NPLs), thereby allowing it to restructure the banks by offloading toxic assets from their books and injecting fresh funds, in line with corporate insolvency restructuring principles. With this mechanism, bank depositors retain their deposits, thus enhancing the lenders’ ability to honour their obligations.
“AMCON’s outstanding performance in carrying out its mandate, over the years, has earned it excellent ratings, recognitions, and awards. Some of these include the ‘Public Sector Agency of the Year Award at the Independent Awards 2022, the Nigeria Social Insurance Trust Fund’s (NISITF) Compliance Award in 2018, and the USAID-ECR Award in January 2018 for the Corporation’s significant contributions to supporting education for Internally Displaced Persons (IDPs)…”
The letter added that it was based on the above that they plan to honour the Corporation at the forthcoming New Telegraph Awards Ceremony, which would be held next month in Lagos.