The Federal Government has officially inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria (AMCON), with a strong message to focus on recovering assets and begin a credible and time-bound wind-down of the agency. The event took place on Tuesday in Abuja and was conducted by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
In a statement released on Thursday by Mr. Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, Edun said the new board must reposition AMCON to meet global standards and support the country’s economic reforms.
According to the minister, AMCON must move from being just a financial stabiliser to becoming a well-structured platform for value creation and a responsible exit. He said the government is committed to making Nigeria a more transparent and investment-friendly environment, and that a proper wind-down of AMCON will help achieve that goal by freeing up financial resources.
Mr. Edun further stated that, in this era of limited public funds, AMCON must improve its asset recovery efforts and ensure accountability within the institution. He stressed that Nigeria’s ability to attract foreign and local investments depends on the credibility of its financial system.
The newly reconstituted AMCON board will be chaired by Dr. Bala Bello. Other key members include Mr. Gbenga Alade, who was appointed as Managing Director and Chief Executive Officer. The Executive Directors are Mr. Adeshola Lamidi, Mr. Lucky Adaghe, and Mr. Aminu Mukthar Dan’Amu. The non-executive members include Mr. Yusuf Tegina representing North Central, Mr. Adeyemo Adeoye for South-West, Mr. Charles Odion Iyiore for South-South, Mr. Yahaya Ibrahim for North-West, and Ms. Emily Chidinma Osuji for South-East.
In his remarks after the inauguration, Mr. Gbenga Alade, the new AMCON MD, said the board is fully committed to completing the agency’s work. He acknowledged that AMCON was never designed to exist forever and pledged that the board would follow global examples to create an exit plan that benefits the country.
“We are here to conclude, not to continue indefinitely,” Mr. Alade said. “We will benchmark our exit plan against global models and deliver a process that serves the national interest.”
The Federal Government sees this restructuring as a vital step towards reforming the financial sector, unlocking banks’ balance sheet space, and promoting private sector growth. The aim is to create a healthier financial ecosystem that supports economic development.
AMCON was established in 2010 after the 2008 global financial crisis, which had a severe impact on Nigeria’s banking sector. It was created to buy bad loans from troubled banks and help restore confidence in the system. Over the years, AMCON has recovered several assets, but critics have often accused the agency of not being transparent enough and failing to implement a clear shutdown plan.
With the new board now in place, expectations are high for AMCON to address these issues and take concrete steps towards closing its operations in a responsible and beneficial manner. Stakeholders are hopeful that the new leadership will deliver on the Federal Government’s directive and ensure AMCON’s exit strengthens Nigeria’s financial system.
