The Federal Government has inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria (AMCON), tasking them with enhancing asset recovery efforts and initiating a credible, time-bound process to wind down the Corporation’s operations.
In a statement released on Thursday by Mr. Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, it was disclosed that the inauguration took place on Tuesday in Abuja. The event was presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Mr. Edun emphasized that AMCON’s new leadership must reposition the institution to align with international best practices and contribute to the government’s ongoing macroeconomic reforms.
“AMCON must transition from being a stabilizer of last resort to becoming a disciplined mechanism for value creation and responsible disengagement,” the Minister stated. “A credible wind-down will not only release resources but also advance our broader objective of a transparent and investment-friendly financial ecosystem.”
He also highlighted the importance of effective asset recovery and institutional accountability, especially in a time of fiscal constraints, noting that these elements are critical for maintaining Nigeria’s appeal as a competitive destination for investment and business.
The newly inaugurated Board of the Asset Management Corporation of Nigeria (AMCON) is chaired by Dr. Bala Bello. Other key appointments include Mr. Gbenga Alade as the Managing Director/Chief Executive Officer and Mr. Adeshola Lamidi, Mr. Lucky Adaghe, and Mr. Aminu Mukthar Dan’Amu as Executive Directors.
The Board also comprises Non-Executive Directors representing Nigeria’s geopolitical zones: Mr. Yusuf Tegina (North Central), Mr. Adeyemo Adeoye (South-West), Mr. Charles Odion Iyiore (South-South), Mr. Yahaya Ibrahim (North-West), and Ms. Emily Chidinma Osuji (South-East).
In his address, AMCON Managing Director Mr. Gbenga Alade reaffirmed the board’s dedication to fulfilling the Corporation’s mandate. He emphasized that AMCON was never envisioned as a permanent institution, underscoring the importance of progressing towards a strategic and responsible wind-down.
“We are here to conclude, not to continue indefinitely,” he said. “We will benchmark our exit plan against global models and deliver a process that serves the national interest.”
The Federal Government described the reconstitution of the AMCON board as a strategic move to unlock balance sheet space for banks, support financial sector reform, and strengthen private sector participation in the economy.
AMCON was set up in 2010 to help fix the banking crisis caused by the 2008 global financial meltdown.
Its job was to buy bad loans from troubled banks and stabilise the financial system.
However, AMCON has been criticised for lagging in transparency and lacking a clear plan to shut down, among other issues.
