Asset Management Corporation of Nigeria (AMCON) has commenced the process of divesting its interest in NTEL/NATCOM, saying the telecommunications company has undergone a major transformation that positions it as one of its most promising asset recovery success stories.

NatCom Development and Investment Limited, trading as ntel, is a Nigerian telecommunications company that acquired the core legacy assets of the defunct Nigerian Telecommunications Limited (NITEL) and its mobile arm (MTel) in 2015.

Mr. Gbenga Alade, managing director and chief executive officer, AMCON, disclosed this during an interactive session with senior media executives in Lagos at the weekend, where he also revealed that the Corporation recovered about N165 billion in the first half of 2026, representing a 64 per cent increase over the N107 billion recovered during the corresponding period of 2025.

Alade said the planned sale of NTEL follows the successful divestment of the Ibadan Electricity Distribution Company (IBEDC) and forms part of AMCON’s strategy to unlock value from distressed assets while attracting credible investors into key sectors of the economy.

According to him, the divestment programme is being conducted through a transparent and structured process designed to attract strategic investors capable of repositioning the telecoms company for sustainable growth.

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He explained that NTEL, the successor to the defunct Nigerian Telecommunications Limited (NITEL), has embarked on a comprehensive three-pronged transformation strategy aimed at restoring its competitiveness and enhancing its investment appeal.

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

He described the transformation of NTEL as a significant milestone in the revitalisation of Nigeria’s legacy telecommunications assets, noting that the company remains an important part of the country’s telecom infrastructure and history.

Alade expressed confidence in the Board and Management of NTEL/NATCOM, saying their leadership has laid a solid foundation for the company’s next phase of growth.

“The remarkable transformation of NTEL is poised to become one of AMCON’s most notable success stories in the telecommunications sector. We have full confidence in the Board and Management of NTEL/NATCOM as they continue to demonstrate experience, innovation, diligence and commitment towards positioning this Nigerian-owned company to compete favourably with its peers both locally and internationally,” he stated.

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He assured stakeholders that further updates on the divestment exercise would be communicated as major milestones are achieved, stressing AMCON’s commitment to transparency throughout the process.

Alade said the telecommunications divestment aligns with AMCON’s statutory mandate of maximising value from distressed assets, supporting economic growth and strengthening confidence in Nigeria’s financial system.

Beyond the planned sale of NTEL, the AMCON boss highlighted the Corporation’s improved operational performance, revealing that recoveries rose sharply in the first six months of the year.

According to him, the Corporation recovered approximately N165 billion between January and June 2026, compared to N107 billion recorded in the same period last year, while maintaining a cost-to-recovery ratio of just 2.3 per cent, reflecting greater operational efficiency.

Alade also announced what he described as a landmark Supreme Court judgment that strengthens AMCON’s debt recovery powers and clarifies key provisions of its enabling law.

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He said the apex court affirmed that the AMCON Act constitutes a special legal regime that must be interpreted purposively because the Corporation was established to address the financial crisis triggered by the systemic banking challenges of 2008.

According to him, the Supreme Court further ruled that AMCON is exempt from paying stamp duties and confirmed that regardless of the size of an obligor’s indebtedness, the Corporation has the statutory authority to dispose of collateral assets in enforcing its rights and recovering outstanding debts.

“While we celebrate this landmark judgment and several other legal successes, we are not resting on our oars. We remain mindful of the various tactics employed by recalcitrant obligors to frustrate the Corporation’s operations,” Alade stated.

Responding to calls for the winding down of AMCON, the Managing Director alleged that many of those advocating the Corporation’s closure are debtors seeking to frustrate its recovery efforts.

He stressed that any decision on AMCON’s sunset remains the exclusive responsibility of its Board and the Central Bank of Nigeria (CBN), adding that the Corporation remains focused on recovering debts owed on behalf of the Nigerian people.

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Alade also said AMCON has intensified collaboration with debt recovery partners, solicitors and receiver managers to improve the effectiveness of its recovery strategies.

“We regularly engage and sensitise our debt recovery partners, solicitors and receiver managers on the unique provisions of the AMCON Act. This ensures that when they appear in court on matters concerning the Corporation, they are fully conversant with both the facts and the applicable legal framework.

“In recognition of their commitment, and in response to prevailing economic realities, the Corporation has reviewed the commission structure for debt recovery agents and partners across the board. Together, we remain confident that we will continue to achieve significant success in our recovery efforts,” he said.

Africa risks falling behind in the global artificial intelligence (AI) economy, unless governments and the private sector rapidly increase investment in digital infrastructure, data capabilities and home-grown innovation.

This is according to a research report by Boston Consulting Group (BCG), titled: “Advancing Africa’s AI and digital economy”.

It focuses on how Africa can accelerate investment in digital infrastructure, AI capabilities and regional collaboration, to build a competitive AI-driven economy and avoid falling behind in the global AI race.

The report argues that while AI is expected to contribute $15.7 trillion to the global economy by 2030, Africa is capturing only a fraction of the opportunity because it lacks the infrastructure, skills and investment needed to compete in the emerging AI economy.

Although the continent has one of the world’s youngest populations and rapidly growing digital adoption, BCG warns that Africa remains primarily a consumer of digital technologies, rather than a producer of the infrastructure, platforms and intellectual property that will underpin future economic growth.

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“Africa stands at a defining moment in the global AI revolution,” says Hamid Maher, MD and senior partner at BCG and one of the report’s authors.

“The continent has significant structural advantages, including a young population, growing digital adoption and the opportunity to build without legacy constraints.

“However, unless Africa invests in owning its digital infrastructure, data and AI capabilities, it risks becoming a consumer rather than a creator of the technologies that will shape future economic growth.

“The decisions taken today will determine whether Africa captures value from AI or simply imports it.”

Structural weaknesses

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The report highlights the widening gap between Africa and the rest of the world. While digital activities account for about 15% of global GDP, Africa’s digital economy contributes only 5% of the continent’s GDP. At its current pace, this figure is projected to reach only 8.5% by 2050, it notes.

BCG says this slow progress comes despite encouraging developments, including Africa’s position as the world’s fastest-growing cloud market and strong adoption of mobile technology.

However, the continent accounts for 18% of the world’s population but less than 1% of global data centre capacity. At the same time, fewer than 2% of Africa’s approximately 2 000 languages are supported by large language models, limiting the relevance and accessibility of AI technologies for millions of people.

The report warns that these shortcomings are becoming increasingly significant as AI reshapes global industries. Traditional growth sectors − such as business process outsourcing, call centres and labour-intensive manufacturing − are likely to become increasingly automated, reducing opportunities that previously helped emerging economies industrialize.

“Without stronger participation in AI production, Africa risks exporting its data, while importing expensive AI services developed elsewhere, repeating historical patterns in which the continent supplied raw materials but captured little value from downstream industries,” it warns.

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Three key barriers

BCG identifies the top challenges that continue to constrain Africa’s AI ambitions.

The first is economic fragmentation. “Africa’s 54 economies are individually too small to justify many of the large-scale investments required for AI infrastructure, while organisations within countries often lack sufficient capital to build digital platforms independently, “it says.

The second challenge is a shortage of AI talent. According to the report, Africa has about 62 000 AI specialists, representing only around 5% of the global AI workforce. Many of these professionals work remotely for overseas employers, limiting the development of domestic AI ecosystems.

“Africa has the ambition and, crucially, the talent it needs. With focus, coordination and political will, the continent can transition from disadvantaged digital consumer to empowered digital value creator and can secure its economic future.”

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The third barrier is reliance on imported technology. African organisations often face higher software licensing costs than their international counterparts, while remaining dependent on foreign technology vendors, restricting innovation and limiting local value creation, the report asserts.

Patrick Dupoux, MD and senior partner at BCG, said these structural constraints are not unique to Africa, but require coordinated action.

“The challenge is not simply about adopting more digital technologies,” he points out.

“It is about ensuring African institutions increasingly build, govern and own the infrastructure, data and innovation ecosystems that power AI. Countries that produce AI capabilities rather than merely consume them will capture far greater economic value and create more sustainable jobs for future generations.”

Building Africa’s AI future

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Rather than focusing solely on technology adoption, the report argues that Africa must establish the foundations needed to create its own AI economy.

BCG recommends building digital public infrastructure through public-private partnerships, with digital identity systems, payment platforms and secure data exchange networks serving as core building blocks.

The report also stresses the importance of stronger data governance to ensure information can be securely shared, while remaining under African ownership and control.

Ali Ziat, MD and partner at BCG, said collaboration will be essential if Africa is to compete globally.

“No single country or organisation can build Africa’s digital future alone,” he said.

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“Pooling investment, creating shared infrastructure and embracing open systems will make projects financially viable, while encouraging innovation across borders. Combined with strong governance and coordinated leadership, these actions can help Africa become a global AI value creator instead of remaining on the side-lines.”

A Federal High Court has affirmed the statutory powers of the Nigeria Data Protection Commission (NDPC) to register Data Controllers and Data Processors of Major Importance (DCPMIs), in a judgment described as a major milestone for data accountability and regulatory oversight in Nigeria.

The commission disclosed this in a statement issued by its Head of Legal, Enforcement and Regulations, Mr Babatunde Bamigboye.

According to the statement, the judgment was delivered in the case of Emmanuel Harunna v. Nigeria Data Protection Commission (Suit No. FHC/L/CS/1116/2024).

The applicant had sought, among other reliefs, a declaration that Point of Sale (POS) agents were not Data Controllers or Data Processors of Major Importance under the Nigeria Data Protection Act (NDPA), 2023, and an order restraining the commission from registering them.

However, Justice F.N. Ogazi, after examining the provisions of the Nigeria Data Protection Act, 2023, and the commission’s Guidance Notice on Registration, ruled that the NDPC acted within its statutory mandate in designating entities classified under the Major Data Processing – Ordinary High Level (OHL) category as Data Controllers and Processors of Major Importance.

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The court held that the Nigeria Data Protection Act was enacted to promote accountability, transparency and responsible data governance across the country.

According to the judgment, the registration framework enables the commission to identify organisations engaged in significant data processing activities and effectively monitor compliance with the law.

The court further ruled that the registration requirement does not violate the constitutional right to privacy but rather serves as a statutory mechanism for protecting that right by subjecting data controllers and processors to regulatory oversight.

It also held that the commission’s Guidance Notice on Registration was aimed at protecting the privacy and security of data subjects and therefore falls within the constitutional safeguards provided under Section 45 of the 1999 Constitution.

Justice Ogazi further observed that Section 65 of the Nigeria Data Protection Act provides that the provisions of the Act shall prevail over any other law that is inconsistent with its provisions on matters relating to the processing of personal data.

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Reacting to the judgment, the commission described the decision as a significant advancement in Nigeria’s data protection jurisprudence and a reaffirmation of its regulatory authority.

The National Commissioner and Chief Executive Officer of the NDPC, Dr Vincent Olatunji, subsequently directed all Data Controllers and Data Processors of Major Importance that are yet to register with the commission to do so without delay.

Olatunji warned that failure to comply with the registration requirement could expose affected organisations to legal liabilities under the Nigeria Data Protection Act.

He added that compliance with the registration framework would strengthen public trust while protecting the fundamental rights and freedoms of data subjects in Nigeria.

The NDPC reiterated its commitment to promoting accountability, transparency and responsible personal data governance in line with the provisions of the Nigeria Data Protection Act, 2023. (NAN)

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