AMCON reports N66.12 billion cash recoveries in H1 2025, a 28% increase, reducing liabilities and boosting cumulative recoveries to N2.43 trillion
The Asset Management Corporation of Nigeria (AMCON) has recorded a 27.87 per cent increase in cash recoveries to N66.12 billion in the first half of 2025, up from N51.71 billion at end-December 2024.
The development was disclosed in the Central Bank of Nigeria’s Financial Stability Report for H1 2025.
According to the report, stronger recoveries contributed to a reduction in AMCON’s liabilities, even as cumulative recoveries reached N2.43 trillion, reflecting ongoing efforts to strengthen the Corporation’s balance sheet.
Total recoveries rose 4.42 per cent to N2,426.35 billion from N2,323.68 billion in the previous period.
These comprised cash inflows of N984.52 billion, other collections of N1,291.95 billion, and asset forfeitures valued at N149.90 billion.
The “other collections” component included proceeds from property and share sales, rental and dividend income, sales of bridge banks, and reinvestment returns, highlighting AMCON’s diversified recovery channels beyond direct cash inflows.
Investment income from treasury operations also improved, rising 2.08 per cent to N15.22 billion from N14.91 billion in the preceding half-year, bolstering the Corporation’s revenue base.
On the liability side, AMCON’s carrying value of obligations fell by 7.84 per cent to N5,241.54 billion from N5,687.36 billion at end-December 2024, signalling enhanced debt management and settlements.
However, total assets, net of impairments, decreased by 30.97 per cent to N1,267.66 billion from N1,836.33 billion in H2 2024, reflecting ongoing asset disposals and recoveries.
Collections into the Banking Sector Resolution Cost Fund (BSRCF) amounted to N577.84 billion during the period, which were utilised to meet obligations on issued securities.
Fresh concerns have emerged over compliance with a court order issued by the High Court of Kano State on April 8, 2026, restraining key parties—including the Honourable Minister of Education, the Kano State Ministry of Land and Physical Planning, the Kano State Urban Development Authority, and Pluck Global Company Limited—from further actions pending the determination of the matter before the court.
Findings indicate that while all parties—except the concessionaire, Pluck Global Company Limited—were duly served within two days of the order, significant challenges were encountered in effecting service on the company, raising troubling questions about its corporate traceability and regulatory vetting.
A review of the company’s records filed with the Corporate Affairs Commission (CAC) revealed addresses that could not be verified as functional business locations. Notably, documentation submitted to Federal Government College (FGC), Kano, dated June 20, 2024, listed two addresses: 8B, Lalupon Street, off Keffi Street, off Awolowo Road, Ikoyi, Lagos, as its head office, and 3 Bargery Road, Bompai, Kano, as its branch office.
However, a physical visit to the Ikoyi address revealed that the entire property is occupied by a company identified as Golden Alchemy, whose staff категорically denied any knowledge of, or shared occupancy with, Pluck Global Company Limited.
Efforts to trace the Kano address yielded even more unsettling findings. The location—a locked duplex—showed no visible signs of commercial activity. Neighbours, while reluctant to speak on record, alluded to irregular movements at odd hours, casting further doubt on the legitimacy of the premises as a corporate office.
In a twist, after multiple attempts to establish contact, an individual purportedly representing the company surfaced in Kano and agreed to receive and acknowledge the court order on April 11, 2026, at approximately 6:00 pm. Curiously, the Ikoyi address—already discredited—was again listed as the company’s official address in the acknowledgment.
These developments raise critical questions regarding due diligence and Know Your Customer (KYC) protocols on the part of the Federal Ministry of Education. They also cast a spotlight on the Infrastructure Concession Regulatory Commission (ICRC), should a concession agreement indeed have been executed with the company. Stakeholders say it would be instructive to review the addresses contained in all official correspondences and contractual documents linked to the transaction.
Meanwhile, a visit to the premises of Federal Government College, Kano, revealed ongoing construction activity, with workers observed excavating foundations. When approached, the workers declined to disclose the authority under which they were operating—despite the subsistence of a court order restraining further action.
Notably, a previously installed project billboard bearing the insignia of the school authorities and the Federal Ministry of Education had been removed. Sources within the institution suggest that the directive for its removal may have emanated from the Ministry following receipt of the court order.
The unfolding situation presents a complex mix of legal, regulatory, and accountability issues—raising the spectre of possible non-compliance with judicial directives, as well as deeper concerns about transparency in public-private concession arrangements.
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